(TSX-V | OYL)
TORONTO, April 29, 2014 /CNW/ - CGX Energy Inc. (TSX-V - OYL) ("CGX Energy" or the "Company") announced today the release of its unaudited consolidated financial
results for the quarter ended March 31, 2014, together with its
Management Discussion and Analysis. These documents will be posted on
the Company's website at www.cgxenergy.com and on SEDAR at www.sedar.com.
First Quarter 2014 Overview and Highlights
CGX Energy reported a net loss of $1,185,644 or $0.02 per share for the
three month period ended March 31, 2014, compared with a net loss of
$1,074,921 or $0.03 per share for the same period in 2013.
During the first quarter of 2014, CGX Energy continued to focus on cost
cutting initiatives and, as a result, the Company's general and
administrative costs for the three month period ended March 31, 2014
have decreased by approximately $19,000 per month to $436,269. In
addition, management and consulting fees have decreased by $255,402 to
$543,988, as compared to the same period in 2013. The Company expects
general and administrative costs to decrease further in the second
quarter, while management and consulting fees are expected to be
consistent in the coming quarter as a result of the joint venture
process and the Company's ongoing litigation with Repsol Exploracion,
As announced on February 25, 2014, CGX Energy has entered into a
Memorandum of Understanding with Teikoku Oil (Suriname) Co., Ltd., a
wholly-owned subsidiary of INPEX CORPORATION and PETRONAS Suriname E&P
B.V (PSE PBV), for rig sharing in the Guyana-Suriname basin and the
Company plans to utilize this rig for the drilling of its commitment
well under the Company's Corentyne petroleum prospecting licence (the "Corentyne PPL").
The reprocessing of the seismic data relating to the Corentyne PPL and
the merging of the existing seismic surveys was completed in April.
The Company is now in the process of re-interpreting the seismic data
to delineate a new prospect on the Corenytne PPL with the assistance of
Pacific Rubiales Energy Corp. and its technical staff. CGX Energy will
be providing the new data to potential joint venture partners with a
view to farming out the Corentyne PPL. In the short term, the Company
will likely require additional financing and seek to widen its
shareholder base, but still with a view to negotiating farm-out
transactions as the primary way to enhance shareholder value.
The Company continues to actively pursue and explore strategic joint
venture partnerships for all three of its petroleum prospecting
licenses in Guyana and has a technical data room open at its Houston
About CGX Energy
CGX Energy is a Canadian-based oil and gas exploration company focused
on the exploration of oil in the Guyana-Suriname Basin.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release contains forward-looking statements. Forward-looking
statements are frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", anticipate", "estimate",
"may", "will", "would", "potential", "proposed" and other similar
words, or statements that certain events or conditions "may" or "will"
occur in the future. These forward-looking statements are based on
certain key expectations and assumptions made by CGX Energy. CGX Energy
believes the expectations and assumptions on which it develops
forward-looking statements are reasonable; however, undue reliance
should not be placed on forward-looking statements as there can be no
assurance they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very nature
they involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number of
factors and risks. In addition, other risks that may affect the
forward-looking statements in this news release are outlined further in
the Company's Annual Information Form dated March 5, 2014 filed on
SEDAR at www.sedar.com.
The forward-looking statements contained in this news release are made
as of the date hereof and CGX Energy undertakes no obligation to update
publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws
SOURCE CGX Energy Inc.