CGX Looking for Partner for Guyana Acreage

CGX Energy has retained Jefferies Randall & Dewey as its advisor to market a joint venture opportunity on the Company's Corentyne Petroleum Prospecting Licence (PPL) located offshore Guyana.

"We are proceeding with our plans to shoot more than 500 square kilometers of 3D seismic on our Corentyne PPL to enhance our interpretation of our Eagle and Eagle Deep targets," stated Kerry Sully, President and Chief Executive Officer. "We have funds in place to complete this ourselves, but our preference is to farmout the 3D seismic with a commitment to drill a deep exploration well. During the last year, CGX has received a number of unsolicited expressions of interest from international oil and gas companies regarding the possibility of participating in the exploration of the Corentyne PPL, pending the resolution of the maritime border between Guyana and Suriname. A binding resolution of the border was announced on September 20, 2007. We are encouraged by the level of interest that has been expressed and are confident that the experience and capabilities of Jefferies Randall & Dewey will bring added value to the process."


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