Mr. Michael Galego reports

CGX ENERGY RESPONDS TO MEDIA REPORTS RELATING TO DRILLING RESULTS IN GUYANA AND PROVIDES OPERATIONAL UPDATE

CGX Energy Inc. has provided an operational update on its exploration assets in Guyana.

Recent drilling results in Guyana

Today there have been various media reports in Guyana with respect to a possible discovery by Exxon in the Stabroek block, offshore Guyana. The Stabroek block is immediately adjacent to the company's 100-per-cent-owned Corentyne block, offshore Guyana. While the company has a policy of not commenting on market rumours or media speculation, it is encouraged by the public comments made by Minister Persaud in this regard, and look forward to hearing official results from Exxon and its partners.

Airborne survey completion

CGX Energy is pleased to announce it completed a 3,005-kilometre airborne survey on Jan. 18, 2015. This exceeds the required commitment under the terms of the new Berbice petroleum agreement (PA) and petroleum prospecting licence (PPL), which was granted by the government of Guyana to ON Energy Inc., a 62-per-cent-owned subsidiary of the company, in February, 2013. Pursuant to the new Berbice PA, covering 3,295 square kilometres, the company has an obligation during the initial period of four years to conduct an airborne survey comprising a minimum of 1,000 kilometres, and to either conduct a 2-D seismic survey comprising a minimum of 100 kilometres or commence to drill one exploration well. The Berbice PPL is 62 per cent owned by the company.

Demerara block

In September, 2014, the company entered into a seismic contract with Prospector PTE Ltd. to conduct a 3,116.74-square-kilometre 3-D seismic survey on the company's 100-per-cent-owned Demerara block as part of its commitments under the Demerara PA and PPL. This survey was completed on time and on budget in December, 2014.

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