GGX Energy Opens Data Room for Guyana JV Opportunity

CGX Energy has opened a data room to initiate a Joint Venture Opportunity to participate with the Company in drilling offshore Guyana. On November 21, 2009, CGX announced it was scheduled to drill on its 100% Corentyne PPL during the second half of 2010. To assist in marketing and soliciting joint venture proposals, Jefferies Randall & Dewey, a division of Jefferies & Company, Inc., has been retained as CGX's advisor, although there is no assurance that this process will result in any agreements or transactions.

Warren Workman, Vice President of Exploration for CGX stated, "The data room will provide potential joint venture partners sufficient information to assess the opportunity to gain a significant position in the Guyana-Suriname Basin, which offers world class, multi-billion barrel exploration potential. The 2,344 square kilometers of 3D seismic that was acquired and processed in 2008-2009 has confirmed a drill-ready, multiple-target prospect close to our former Eagle well location. The geophysical data has been processed in time and depth using multiple processors, and includes pre-stack inversion and AVO studies. The new seismic processing and interpretation strengthens the definition of the existing prospects and adds significant new information to our understanding of the prospects and multiple geological targets."


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