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Royal Bank of Canada

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CGX Files Second Quarter Financial Results

TORONTO, ONTARIO--(Marketwire - Aug. 15, 2011) - CGX Energy Inc. (TSX VENTURE:OYL) ("CGX" or the "Company") announces its results for the second quarter ended June 30, 2011 which results are presented in accordance with International Financial Reporting Standards ("IFRS") in Canadian dollars. CGX reports a loss for the second quarter 2011 of $6.9 million ($0.04) compared to a loss of $2.7 million ($0.02 per common share) for the second quarter 2010. As at June 30, 2011, CGX held cash and cash equivalents and short-term government T-Bills of $34.9 million.

The Interim Financial Statements and accompanying notes for the interim period ended June 30, 2011 and related management's discussion and analysis have been filed with the Canadian securities regulatory authorities. Copies of these disclosure documents may be obtained under the profile of CGX at www.sedar.com and on the Company's website at www.cgxenergy.com.

In other news, the Company announces that it has granted 3,675,000 options pursuant to its stock option plan to directors, management, employees and consultants of the Company. Each such stock option entitles the holder to purchase one common share of the Company at a price of $0.54 until August 15, 2016.

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.

Shares Outstanding: 194,778,663

Fully-Diluted: 209,448,663

THIS PRESS RELEASE WAS PREPARED BY CGX ENERGY INC., WHICH ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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