January 3, 2012
CGX Reports Ocean Saratoga Enroute to Guyana

Toronto, Ontario – CGX Energy Inc. (TSX-V: OYL) ("CGX") is pleased to announce that the Ocean Saratoga semi-submersible drilling rig departed the Gulf of Mexico on January 1st and is now under tow to the Guyana-Suriname Basin to drill the Company’s Eagle-1 well. The Eagle-1 well will be drilled on the Company’s 100% owned and operated Corentyne Petroleum Prospecting License, offshore Guyana. It is anticipated that the Ocean Saratoga will arrive on location around the end of January. CGX will make a further announcement when the Eagle-1 well has commenced drilling.

Stephen Hermeston, President and CEO stated, “We are pleased that the rig is now under tow and looking forward to the commencement of drilling.”

CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin, an area that is ranked second in the world for oil and gas prospectivity by the United States Geological Service. CGX is managed by a team of experienced oil and gas and finance professionals from Guyana, Canada, the United States and the United Kingdom.

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