TORONTO, ONTARIO--(Marketwire - March 12, 2010) - CGX Energy Inc. (TSX VENTURE:OYL.U)(TSX VENTURE:OYL) ("CGX") is pleased to announce that an independent resource assessment (the "Report") has been completed by Gustavson Associates LLC of Boulder, Colorado, U.S.A. (Gustavson) for three prospects on the Company's Corentyne Offshore Petroleum Prospecting Licence (PPL) located offshore Guyana, South America. Using probabilistic analysis, Gustavson calculated a total best estimate (P50) Prospective Resource as of February 1, 2010 in three prospects to be 2.8 billion barrels of oil (see description of Prospective Resource below). The Resource Assessment has been filed on SEDAR (www.sedar.com) and on the Company's website (www.cgxenergy.com).

The Report is limited to an estimate of the potential undiscovered oil and gas prospective resources underlying the Corentyne Offshore PPL that covers approximately 9,180 square kilometres net to CGX. As of February 1, 2010, CGX held an interest in four Petroleum Agreements (PA) covering approximately 34,723 square kilometres gross (approximately 28,197 square kilometres net) offshore and onshore Guyana. Each PA corresponds to a separate Petroleum Prospecting Licence (PPL), with the exception of the Corentyne PA, that is split into three PPL's, the Corentyne Offshore PPL, the Corentyne Annex PPL, and the Berbice Onshore PPL. CGX Energy Inc. has a 100% working interest (WI) in the Corentyne Offshore PPL, the Corentyne Annex PPL and the Pomeroon PPL; a 25% WI in the Georgetown PPL; and a 62% WI in the Berbice PPL through its subsidiary ON Energy Inc.

The Gustavson resource estimates were prepared in accordance with the requirements of Canadian National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Capitalized terms related to resource classifications used in this press release are based on the definitions and guidelines in the Canadian Oil and Gas Evaluation Handbook ("COGEH"), 2007.

No commercial discoveries have been made in the offshore Guyana basin and hence there have been no reserves found. Historic well data, regional geology and 2D and 3D seismic were reviewed by Gustavson to prepare a probabilistic Prospective Resource Estimate of that portion of the prospects lying entirely within the Corentyne PPL as shown below.

As specified in the COGEH, the Sums of Prospects are arithmetic sums, and as such do not represent the same probability levels as the estimates for the individual prospects.

Prospective Resources are those quantities of oil and gas estimated to be potentially recoverable from undiscovered accumulations. If discovered, they would be technically and economically viable to recover. However, there is no certainty that the Prospective Resources will be discovered. In addition, the following mutually exclusive Classification of Resources were used: