(TSX-V | OYL)
TORONTO, May 22, 2012 /CNW/ - CGX Energy Inc. (TSX-V - OYL) ("CGX" or the "Company") is pleased to announce that Dr. Dennis A. Pieters, subject to regulatory review, has been appointed to the Company's board of directors. Dr. Pieters is a Reservoir Engineer with over 30 years experience in the E&P industry. Since 2009 he has held the position of Director of Reservoir Engineering for Huber Energy LP, a company involved in the exploration, development and production of oil and gas in Texas, Colorado, Wyoming and Utah. Huber Energy LP, is a subsidiary company of J. M. Huber Corporation, one of the largest privately held companies in the US with diversified interests and operations in 20 countries. Over his career, Dr. Pieters has worked in senior reservoir engineering positions on behalf of a number of major oil E&P companies including Conoco Phillips, Halliburton, Shell Oil, Saudi Aramco and Amoco. In 2003, Dr. Pieters was appointed Subject Matter Expert to the US Army Corps of Engineers for Task Force RIO. His team was tasked with developing an estimate for rebuilding Iraqi oil infrastructure to pre-war levels for delivery to the President of the United States. The $18.4 Billion cost estimate was approved by Congress.
He holds a B.Sc. in Geological Engineering, a M.Sc. in Petroleum Engineering and a Ph.D. in Petroleum Engineering, all from the Colorado School of Mines, He is the author of a textbook on "Decision Making in Oil & Gas", has published a number of seminal publications in the field, and taught Reservoir Engineering courses at Colorado School of Mines. Dr. Pieters resides in Katy, Texas and is originally from Guyana where he attended Queens College.
Dr. Suresh Narine, Chairman, stated, "The CGX board of directors welcomes Dr. Pieters. His wealth of E&P experience will be very useful as the Company pursues its petroleum exploration portfolio."
Dr. Pieters has been granted 300,000 stock options exercisable at a price of $0.30 until May 22, 2017.
CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin, an area ranked second in the world for oil and gas prospectivity by the United States Geological Service. CGX is managed by a team of experienced oil and gas and finance professionals from Guyana, Canada, the United States and the United Kingdom.
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