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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (21251)

3/11/2013 9:26:39 PM

From: LoneClone

Respond to of 24928

CGX Provides Update on Pomeroon and Georgetown Licenses Offshore Guyana

Press Release: CGX Energy Inc. – 13 hours ago

finance.yahoo.com

OYL.V	0.12	-0.005

(TSX-V | OYL)

TORONTO , March 11, 2013 /CNW/ - CGX Energy Inc. (TSX-V - OYL) ("CGX" or the "Company") announces that the Pomeroon Petroleum Agreement (PA) expired effective November 19, 2012 .

The Pomeroon PA was issued to Century Guyana , Ltd. in November 1997 and was purchased by CGX in January 2004 . As has been reported since 2007, the Company has been in discussions with the Government of Guyana regarding modification of the Pomeroon PA that would have extended the PA to November 2013 . During these discussions the Company was advised that the November 1997 Pomeroon PA reverted to the Government effective November 19, 2012 . Additionally, the Company's Georgetown PA expired November 25, 2012 , as disclosed in the 2012 third quarter financial statements. The costs associated with these licenses as at September 30, 2012 was approximately $2 million in relation to the Pomeroon PA and $51 million in relation to the Georgetown PA.

As a result of these licenses having expired in November 2012 and the Company's current uncertainty relating to these licenses, the Company may record an impairment of the full carrying amounts in its year end 2012 financial statements. In the event that the Company secures the renewal of the licenses, the Company will revisit any impairment previously recorded.

About CGX Energy

CGX is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin, an area in which the United States Geological Survey estimated a Pmean oil resource potential of 13.6 billion barrels in their Assessment of Undiscovered Conventional Oil and Gas Resources of South America and the Caribbean, 2012. CGX is managed by a team of experienced oil and gas and finance professionals from Guyana , Canada , the United States and the United Kingdom .

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE: CGX Energy Inc.

Contact:

Kerry Sully, President and CEO
(604) 733-9647 or ksully@cgxenergy.com

Charlotte May, Communications Manager
(416) 364-3353 or cmay@cgxenergy.com

To: LoneClone who wrote (21251)	3/11/2013 9:27:29 PM
From: Cogito Ergo Sum	Respond to of 24928

I already said my peace... I'm still trying to let it go like you asked..

To: LoneClone who wrote (21251)	3/11/2013 10:19:06 PM
From: Cogito Ergo Sum	Respond to of 24928

OK.. then did you ever do anything besides simply blow this off from johnlw Message 27434109 Extensive research and all.. I never heard of her... ?

To: LoneClone who wrote (21251)	3/11/2013 10:22:24 PM
From: Cogito Ergo Sum	1 Recommendation Respond to of 24928

OK.. then did you ever do anything besides simply blow this off from johnlw Message 27434109 Extensive research and all.. I never heard of her... ? you like MMT... is it OK to crap in another's yard ? I have two dogs.. I always pick up and never let them up on other folks lawns never mind gardens.. wish other were that considerate with the lazy man long retractable leads... my garden gets torn up often... should we ban dogs... people are really the issue... and they are not organ harvesting Sharpei's in case someone else feels the need to comment