January 31, 2005
CGX Energy Grants Options

Toronto, Ontario - CGX Energy Inc. (the "Company") announces that it has granted, pursuant to its stock option plan, to directors and management of the Company an aggregate of 635,000 stock options in replacement of same that expired on January 11, 2005. Each such stock option entitles the holder to purchase one common share of the Company at a price of US$0.65 until January 31, 2010.

CGX Energy Inc. (TSX-V- OYL.U) is a Canadian-based oil and gas exploration company focused on the exploration for oil in the Guyana basin and is actively looking at other international opportunities. CGX is managed by a team of experienced oil and gas and finance professionals from Canada, U.S.A. and the UK.  CGX is financed internationally and has thousands of shareholders worldwide. For further information please contact: Kerry Sully at (603) 733-9647, Denis Clement at (416) 364-1909 or Charlotte May, Investor Relations at (416) 364-3353 or visit our website at www.cgxenergy.com.

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THIS PRESS RELEASE WAS PREPARED BY CGX ENERGY INC., WHICH ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.