November 25, 2003
Private placement authorized

Toronto, Ontario - CGX Energy Inc. (OYL.U - TSX-V) has authorized the sale by way of private placement of up to 10,000,000 Units at a price of US$0.25 per Unit for aggregate gross proceeds of up to US$2,500,000.  Each Unit will consist of one (1) common share and one-half (1/2) common share purchase warrant. Each whole common share purchase warrant will be exercisable into one (1) common share at a price of US$0.35 for a period of eighteen months from the date of closing of the financing. Should the maximum units be subscribed for, CGX Energy’s issued capital will consist of 58,599,959 common shares and 69,168,959 common shares on a fully-diluted basis.

Completion of the sale of the Units remains subject to the acceptance thereof by the TSX-V and to the completion of definitive transaction documentation. 

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, development wells in Western Canada 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.

120 Adelaide St. West, Suite 512, Toronto, Ontario, Canada M4H 1T1 Fax: (416) 364-5400

Email: Shares Outstanding: 48,599,959 Fully diluted:  54,168,959