CGX Awards Seismic Work to PGS Subsidiary

CGX has awarded a 1,160 square kilometer 3D marine seismic contract to a subsidiary of Petroleum Geo-Services (PGS). PGS's Ramform Challenger will undertake the five week contract commencing mid-December. PGS is a leading geophysical services company founded in 1991 in Norway with offices in 25 countries and regional centers in London, Houston and Singapore. PGS offers a broad range of geophysical services and has 14 offshore seismic vessels.

Stephen Hermeston, President and CEO stated, "This 3D seismic program has been designed to better image the up-dip limits of the Eagle Deep stratigraphic play at the Turonian and Campanian and to cover the two early Cretaceous, Albian prospects (Crabwood and Kabukalli) which are underlying the Company's 100% owned Corentyne offshore Petroleum Prospecting License (PPL) and for which CGX obtained an independent resources evaluation report from DeGolyer and MacNaughton of Dallas earlier this year that provided a total best estimate (P50) of prospective resources of 325 million barrels of oil. We are enthused about these prospects which CGX plans on pursuing subsequent to the drilling of the Company's Eagle-1 well that will test the Eocene and Maastrichtian trend."

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