CGX Names New VP Business Development

CGX Energy has appointed John Clarke as Vice President, Business Development based in Toronto. Mr. Clarke has over 35 years international experience in the energy sector, including 18 years of E&P experience within the Texaco group of companies and as a member of Texaco Inc.'s global exploration planning group. He has founded and served as a director of a number of public and private energy companies including Candax Energy Inc., a TSX-listed company. John also has a broad capital markets background, including over eight years as a Vice President and Senior Oil & Gas Analyst with Deutsche Bank and Octagon Capital Corporation, where he was ranked top North American Oil & Gas Analyst in 2003 and 2004 by Forbes/Starmine. Mr. Clarke has strong relationships across the international oil and gas industry, as well as with energy sector specialists in the global equity capital markets.

"We are very pleased that John Clarke has joined CGX Energy as a member of our executive team" said Kerry Sully, President & CEO. "We have reached a key transition point in CGX's history, having identified and enhanced a number of substantial exploration prospects offshore Guyana. We have acquired interests in five Petroleum Prospecting Licences (PPL) covering 9.6 million acres (7.2 million acres net). We have gathered and re-interpreted the historic data on those PPL's, participated in the first 2D solid-state seismic survey in the basin and initiated the first 3D seismic shot offshore Guyana. The processing of the 3D survey is nearing completion and the prospects are very encouraging. John's background and experience in the international energy sector ideally positions him to lead our business development strategy with respect to joint ventures and partnerships for exploration and development; leveraging our strengths to pursue new business opportunities and analyzing financing alternatives to maximize value for our shareholders."

CGX has granted, pursuant to its stock option plan, 500,000 stock options to Mr. Clarke. Each stock option will entitle Mr. Clarke to purchase one common share of the Company at a price of $1.10 until October 31, 2012.

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