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

To: Jim Bishop who wrote (49544)	6/2/2000 11:07:00 PM
From: Drex	Read Replies (1) \| Respond to of 150070

This could be a blockbuster.... V.OYL.U (CDNX)...maybe. CGX Energy Inc. Annual General Meeting Alert ---- A Junior Oil and Gas Company with a Major Story 9:00 EST Tuesday, May 23, 2000 TORONTO, May 23 /CNW/ - CGX Energy Inc. (CDNX:OYL.U) will hold its Annual General Meeting at the Toronto Board of Trade Tuesday, May 23 at 4:30 p.m. Kerry Sully, CGX President and Warren Workman, CGX Vice President, Exploration will update investors and the public on the Company's oil exploration activities offshore Guyana. CGX stands on the threshold of being an instant international success story. The Toronto, Ontario-based oil exploration company has successfully financed a US $9.3 million oil well scheduled to be drilled in late May or early June to test a giant target in a turbidite fan offshore Guyana. CGX acquired the 3.8 million acre concession in June 1998 and conducted seismic and Amplitude Versus Offset (AVO) analysis in 1999. CGX has identified one potentially "giant" target which could yield more than 500 million barrels of oil. The Company has named the site "Eagle." In addition, CGX has identified three "elephant" targets, each of which could yield more than 100 million barrels of oil. In the 1990's, there were about 20 "giant" oil discoveries -- all but one of them coming from turbidite fans. "We have four of the largest targets I've ever seen in my career," says Warren Workman, CGX Vice President, Exploration. "Few geologists and geophysicists ever get to explore this kind of potential and have their research tested in such a short timeframe." Putting the potential in perspective CGX's seismic studies of the Eagle target have indicated an area of 30,000 acres and a gross thickness of 750 feet. This is larger than the area at the Hibernia field, which has reserves exceeding 750 million barrels of oil. The CGX concession is located between oil-fields in East Venezuela and Trinidad to the west and Surinam to the east. Atlantic Ocean basins extremely similar to that of CGX have produced some of the largest oil discoveries in the past twenty years. Major world powers in the oil industry have followed CGX into the area. CGX is now surrounded by a who's who in the industry -- Exxon sits to the north, a consortium of Shell/Burlington/Total-Fina/Korean National sits to the east and AGIP-ENI have entered into a joint venture with Repsol to the west. Proven management team guides the way CGX Energy is headed up by a remarkable and proven senior management team. Kerry Sully, President and CEO, is a respected chemical and reservoir engineer and has more than 30 years experience in financing and managing petroleum companies. Mr. Sully was formerly the President of Ranchman's Resources. Warren Workman is Vice President, Exploration and is a geologist and geophysicist with 25 years exploration experience. He was Vice President, Exploration for Ranchman's Resources and was an exploration leader for Unocal in the deep water Gulf of Mexico. "We have an opportunity that the President of every oil company in the world dreams of," concludes Kerry Sully, CGX, President and CEO. "We've got all the right pieces in place to succeed. History has seen huge oil reserves come from concessions similar to ours. We have used leading-edge technology to define the potential for oil, we have the right geographic make-up, and we have a top-notch management team leading the way." Kerry Sully, CGX President and CEO is available for interviews.