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TORONTO, ONTARIO--(Marketwire - Dec. 21, 2011) - CGX Energy Inc. (TSX VENTURE:OYL) ("CGX" or the "Company") is pleased to announce that the Government of Guyana has granted a deferral for drilling of the Eagle-1 well offshore Guyana on the Company's Corentyne Petroleum Prospecting License (the "Corentyne PPL") to CGX Resources Inc. ("CGX Resources"), a wholly owned subsidiary of CGX. The deferral provides for the remaining minimum work program of the drilling of two exploration wells be completed by June 24, 2013. CGX has a 100% working interest in the Corentyne PPL.
Stephen Hermeston, President and CEO of CGX stated, "We are very pleased to have received this deferral. As announced in our press release of November 29th, CGX Resources has contracted the Ocean Saratoga semi-submersible rig to drill the Eagle-1 well. The Ocean Saratoga is finalizing a work-over in the Gulf of Mexico and will be available early January for mobilization to the Guyana Suriname basin. We are looking forward to announcing the commencement of drilling for this well."
