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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: Bidder who wrote (31791)	2/29/2000 7:07:00 PM
From: StocksDATsoar	Respond to of 150070

I don't answer questions. LOL!

To: Bidder who wrote (31791)	2/29/2000 7:08:00 PM
From: StocksDATsoar	Read Replies (2) \| Respond to of 150070

Here's one to watch...Sounds huge. CGX Energy Inc - CGX Energy Inc. (CDN: CGXX.U) to drill Eagle oil exploration target in offshore Guyana CGX Energy Inc CGXX.U Shares issued 35,748,007 2000-02-25 close $1.58 Monday Feb 28 2000 ======================================================================= CGX Energy Inc. (CDN: CGXX.U) cgxenergy.com ======================================================================= February 28, 2000 -- TORONTO, ONTARIO -- CGX Energy Inc. (CDN: CGXX.U) (http://www.cgxenergy.com/) is pleased to announce that it has contracted a rig to drill its Eagle oil exploration target in offshore Guyana. The estimated spud date is May 2000. The estimated cost of the drill hole is US$7.3-million. On February 24, 2000, CGX announced commitments for a US$8-million financing increasing its working capital to US$11-million. Kerry Sully, President and CEO of CGX said: "This is a major step in a remarkable program. In less than two years since obtaining its concession, CGX has completed an 1800 km seismic survey, brought four world-class targets to drill-readiness and has arranged financing and rig commitments for a hole on the Eagle target. CGX is also considering a second exploration well on the Wishbone West target at an estimated incremental cost of US$4.8-million and is continuing discussions with oil and gas companies on participation in both wells." Warren Workman, Vice President, Exploration stated: "The Eagle target had initially been identified on vintage seismic that had been shot by prior explorers in the region. Using our May 1999 seismic, amplitude mapping and Amplitude vs Offset analysis have confirmed two turbidite fan features, Eagle and Wishbone West, which are potentially giant fields. Eagle is the largest, a 60,000-acre feature with 29,000 acres above an apparent hydrocarbon/water contact, a maximum 750 feet of gross thickness and with 1,700 feet of vertical column. The target depth is 12,000 feet. It is located 10 km from the Shell Abary #1 well drilled in 1974, that tested significant gas in the mud logs and 34.7 API crude from a thin formation of similar age to our target at Eagle." Location of Proposed Drill Hole Eagle and Wishbone West are located 135 km from shore in 270 feet of water. CGX has chartered the C.E. Thornton Drilling Rig from R & B Falcon Corporation of Houston. The C.E. Thornton is ideally suited for this program, being a cantilever jack-up rated to drill in up to 300-foot water depth. Project management will be provided by Apex Energy Consultants of Calgary, Alberta, and rig and onshore supervision will be provided by R&B Falcon International Engineering Services of Houston, Texas. The contract is subject to rig inspection by CGX, which is scheduled to be completed in 14 days. CGX holds a 100 per cent interest in a 15,464 sq km (3,800,000 acre) exploration licence in Guyana, South America. Guyana is an English-speaking jurisdiction with a legal system based on English common law. Since 1997, Guyana has had one of the top quartile fiscal regimes to encourage drilling in an under-explored basin. The CGX exploration licence is surrounded by majors: Exxon to north, the Shell/Burlington/Total/Korean National Oil syndicate to east; and the AGIP/Repsol syndicate to the west. 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 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. CGX Energy Inc. (CDN: CGXX.U) 120 Adelaide St. West, Suite 512 Toronto, Ontario, Canada M4H 1T1 Fully diluted: 44,264,741 Shares Outstanding: 35,948,007 Fax: (416) 364-5400 Email: mailto:info@cgxenergy.com ============================= CGX Energy Inc. (CDN: CGXX.U) cgxenergy.com mailto:info@cgxenergy.com ============================= (c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com