April 6, 2004
CGX Completes US$2,993,000 Non-Brokered Private Placement

Toronto , Ontario - CGX Energy Inc. (OYL.U TSX-V) has completed the non-brokered private placement of 4,100,000 Units at a price of US$0.73 per Unit for aggregate gross proceeds of US$2,993,000 to Sprott Asset Management. The private placement was originally announced on March 26, 2004. Each Unit consists of one (1) common share and one-half (1/2) common share purchase warrant. Each whole common share purchase warrant is exercisable into one (1) common share at a price of US$1.10 until October 3, 2005. The Units and the underlying common shares issuable on exercise of the common share purchase warrants are subject to a hold period that expires August 2, 2004. The Units were purchased by Sprott Asset Management on behalf of various funds that it manages. CGX Energy's issued capital consists of 62,715,595 common shares and 74,293,663 common shares on a fully-diluted basis.

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.

For further information please contact: KerrySully, President & CEO at (604) 733-9647, Charlotte May, Investor Relations at (416) 364-5569 or Denis Clement, Director at (416) 364-1909 or visit our website at www.cgxenergy.com.

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