CGX Begins Drilling Hermitage Well in Guyana

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CGX Energy and its Guyanese subsidiary ON Energy report that drilling of the Hermitage well has commenced. The Hermitage well is located onshore Guyana and is the second and deepest well in a four well program. The well is proposed to be drilled to a depth of approximately 6,200 feet with targets in the Eocene, Paleocene and Cretaceous. The Company will report the results when drilling is completed.

Warren Workman, President of ON Energy stated "This well is third ranked of our remaining locations and is being drilled at this time to minimize surface access problems during the remainder of the rainy season in Guyana."

The Company also announces that it has granted, pursuant to its stock option plan, to directors, management and consultants of the Company an aggregate of 950,000 stock options in replacement of same that expired on May 23, 2005. The Company has also granted 100,000 options to a consultant working on the onshore drilling program. Each such stock option entitles the holder to purchase one common share of the Company at a price of US$0.70 until June 30, 2010.


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