CGX Energy Inc. says that an independent resource assessment has been completed by Gustavson Associates LLC of Boulder, Colorado, U.S.A. (Gustavson) for four prospects on the Company's Corentyne Petroleum Prospecting Licence (PPL) located offshore Guyana, South America. Using probabilistic analysis, Gustavson calculated a total best estimate (P50) Prospective Resource in the four prospects to be 2.7 billion barrels of oil.

Gustavson was retained by CGX to prepare the Report to estimate the potential undiscovered oil and gas resources underlying the 9,170 square kilometre offshore portion of the Corentyne PPL in which CGX has a 100% working interest.

The Report did not review CGX's 25% interest in the 9,742 square kilometre Georgetown PPL, its 100% interest in the 3,968 square kilometre Corentyne Annex nor its 100% interest in the 11,400 square kilometre Pomeroon PPL. The Gustavson resource estimates were prepared in accordance with the requirements of Canadian National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101").

Tags: CGX Energy Inc.