November 13, 2003
CGX Signs Letter of Intent to Acquire Pomeroon Block from Century
 
Toronto, Ontario - CGX Energy Inc. (OYL.U-TSX-V) is pleased to announce that through its wholly owned subsidiary, CGX Resources Inc., it has entered into a Letter of Intent with Century Guyana, Ltd. to acquire Century’s 100% interest in the Pomeroon Prospecting Licence located offshore, in the Guyana Basin. The letter of intent is subject to Board, Government and regulatory approvals. 

The Pomeroon License issued by the Government of Guyana in November 1997 is approximately 11,254 sq km (2,781,000 Acres) in size and is located between CGX’s 100% owned Annex portion of the Corentyne Licence, and the Plataforma Deltana, located offshore Venezuela.  Water depths in the concession range from 20 to 170 metres.  In this area, significant work commitments and activity have commenced by a number of multinational oil companies in joint venture with PDVSA, Venezuela’s state-owned petroleum company.

The northern portion of Century’s concession is on the southern flank of a huge delta system of late Cretaceous to Tertiary age, and includes two hydrocarbon source beds.  Century re-interpreted available seismic data on the property, and identified 2 turbidite targets for drilling. Exploration on the Licence has been on standby pending clarification of maritime boundary issues between Guyana and Venezuela.

The final terms of the sale will be released upon the execution of a Sale and Purchase agreement and receipt of the required consents. 

CGX Energy Inc. (OYL.U -TSX-V) is a Canadian-based oil and gas exploration company focused on the exploration for oil in the Guyana/Suriname basin.  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. For further information please contact: Kerry Sully, President & CEO, at (604) 733-9647, Dan Farrell or Denis Clement at (416) 364-5569 or visit our website at www.cgxenergy.com

THIS PRESS RELEASE WAS PREPARED BY CGX ENERGY INC., WHICH ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY. NO REGULATORY AUTHORITY OR SIMILAR BODY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

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