I tried a copy and paste Digby hope this works. Zibo

CGX E

NERGY INC.1 (TSXV-OYL C$1.55) MKT CAP C$196 MILLION

R

ECOMMENDATION: SPECULATIVE BUY

A

NALYST: GREG CHORNOBOY

Q1 Financial Results Released

CGX posted its Q1/09 financial results on SEDAR. The Company reported a net loss and net cash flow loss of US$567k, or US$0.01 per share, for the quarter ended March 31, as compared to a US$229k loss or US$0.00 per share in Q4/08. G&A fees (including G&A, consulting, professional fees and shareholders information) were US$325k for the quarter, down from US$579k in Q4/08. The Company incurred no stock-based compensation during the quarter. These were all in line with our estimates.

On its balance sheet, the Company’s had US$21.8 million cash on hand and no debt (cash value per share is C$0.19 using a foreign exchange rate of 0.90 US$/C$). Capital expenditures for Q1/09 were US$987k, the majority of which was spent on 3D seismic on the Georgetown Block.

CGX had retained Jefferies Randall & Dewey as its advisor to market a joint venture opportunity on the Company’s Corentyne PA located offshore Guyana. A number of parties reviewed the data but none was prepared to commit to the drilling of a well prior to the interpretation of the new 3D data. The joint venture marketing has been suspended until mid-2009.

Other interesting developments in the Guyana-Suriname Basin in the last several months include:

1. Esso completed a large 2D seismic shot over the Staebrok block.
2. Murphy and Inpex commenced large 3D programs offshore Suriname in November and April, respectively. Murphy’s program is reported to be 1,500 km

1. at a cost of US$50 million.
2. The government of Suriname is planning a nearshore 2D seismic program this year.
3. Tullow Exploration acquired a 30% working interesting in the Georgetown licence (CGX 25% WI) from YPF Guyana in November 2008.
4. Shell acquired a 25% interest in the Staebrok block from Esso in January 2009