TORONTO, ONTARIO--(CCNMatthews - June 20, 2005) - CGX Energy Inc. (TSX VENTURE:OYL.U) and its 62% Guyanese subsidiary ON Energy Inc. ("ON") report that its Yakusari well, located onshore Guyana, was drilled to a depth of 2,901 feet. After examining electric well logs, a decision has been taken to abandon the well. This was the first well of a four well program. During the next two weeks, the well will be abandoned, and the drill equipment moved to Hermitage, a well with a target depth of approximately 6,200 feet.
Kerry Sully, President of CGX and Chairman of ON Energy stated "From an operations viewpoint, we've learned a lot about the challenges of importing an entire industry into a country yet to have an oil industry. Of the four locations, Yakusari was located the farthest from our storage yard, and the farthest from the coastal highway. Methodical preparation of our access road and lease location allowed continuous operation during the rainy season, which fortunately was modest by Guyanese standards. We will now integrate the geological information into our geological model to assist us in future exploration. We look forward to the results from the next three locations."
CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration for oil in the Guyana. CGX is managed by a team of experienced oil and gas and finance professionals from Canada, U.S.A. and the UK. CGX is financed internationally and has thousands of shareholders worldwide.
THIS PRESS RELEASE WAS PREPARED BY CGX ENERGY INC., WHICH ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY.
Shares Outstanding: 95,255,913
Fully-Diluted: 108,922,413
FOR FURTHER INFORMATION PLEASE CONTACT:
CGX Energy Inc.
Kerry Sully
President & CEO
(604) 733-9647
CGX Energy Inc.
Charlotte May
Investor Relations
(416) 364-3353
CGX Energy Inc.
Denis Clement
Director
(416) 364-1909
www.cgxenergy.com
