December 12, 2003
CGX Completes US$100,000 Private Placement

Toronto, Ontario - CGX Energy Inc. (OYL.U - TSX-V) is pleased to announce that on December 12, 2025 it closed a non-brokered private placement of US$100,000.  The private placement consisted of one (1) common share priced at US$0.32 and one-half (1/2) common share purchase warrant. Each whole warrant entitles the holder thereof to subscribe for one (1) common share at the price of US$0.42 for a period of eighteen months, expiring June 12, 2005. 

In other news, CGX has granted, pursuant to its stock option plan, to officers and directors of the Company an aggregate of 200,000 stock options, each such stock option entitling the holder to purchase one common share of the Company at a price of US$0.30 until November 28, 2008. 

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 over 5,000 shareholders worldwide.

Additional information on CGX Energy may also be examined and/or obtained through the internet by accessing CGX Energy’s website at www.cgxenergy.com or by accessing CGX Energy’s public disclosure documents through the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com.
For further information please contact Kerry Sully, President & CEO at (604) 733-9647 or Denis Clement at (416) 364-5569.

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.