CGX Energy Inc. provides the results of the drilling of the Eagle-1 well on the Company's 100% owned and operated Corentyne Petroleum Prospecting License, offshore Guyana.

The Eagle-1 well reached total depth of 4,328 metres on April 25th in the upper Cretaceous Maastrictian geologic zone on an 8 ½ " diameter hole and with synthetic oil based mud drilling fluid. During drilling, the Eagle-1 well encountered oil and gas shows through the objective Eocene and Maastrichtian geologic zones and at the, yet to be confirmed, Oligocene zone indicating an active petroleum system where generated hydrocarbons have migrated through the pre-Miocene section drilled by the well.

Although wire-line logs provided encouraging results with high resistivities correlating with sandstones that had encountered oil shows, additional open hole logs were necessary to determine the nature of the fluids in those zones. Hence, CMR (combinable magnetic resonance) and MDT (modular formation dynamics) were run and both logs identified the presence of good quality sandstone reservoirs that unfortunately proved to be water bearing.

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