CGX Energy Provides Corporate Update

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[{"type":"text","content":"\n\n\n(TSX-V | OYL)\n\n\nTORONTO, Oct. 2, 2013 /CNW/ - CGX Energy Inc. (TSX-V - OYL) (\"CGX Energy\" or the \"Company\") is pleased to provide the following update on its activities relating\n to the continued exploration on the Company's Petroleum Prospecting\n Licenses (\"PPLs\") in Guyana.\n\n\nJoint Venture Initiatives\n\n\nCGX Energy continues to actively pursue strategic joint venture partners\n for all three of its PPLs and has a technical data room open at its\n Houston office. As part of the joint venture process, the Company is\n currently preparing to re-process a portion of its 3D seismic data set\n for the Corentyne Block, which should be completed by year-end.\n\n\nIn addition, the Company has granted Repsol Exploracion, S.A. permission\n to acquire seismic data in portions of the Corentyne Block when\n acquiring a new 3D seismic survey in the Kanuku Block during the fourth\n quarter of 2013. The data acquired in the Corentyne Block during this\n survey will be provided to the Company at no additional cost.\n\n\nCost Cutting Initiatives\n\n\nDuring the third quarter, CGX Energy continued to focus on cost cutting\n initiatives in order to reduce the size of the Company to better\n reflect current operations. As a result of these initiatives, the\n Company's general and administrative costs have decreased by\n approximately 30% on a per month basis, since April, 2013.\n\n\nShare Consolidation\n\n\nOn July 9, 2013, the Company completed the consolidation of its issued\n and outstanding common shares (the \"Common Shares\"). The Common Shares were consolidated on the basis of 10\n pre-consolidation shares for each post-consolidation share.\n\n\nDewi Jones, Chief Executive Officer of the Company, commented:\n\n\n\"CGX Energy is undergoing a transformation in preparation for the next\n stages of exploration in Guyana.  By leveraging the technical expertise\n of Pacific Rubiales in Latin America, we believe that we can secure new\n joint venture partners to develop our extensive offshore acreage.  With\n our lower costs and improved capital structure, the Company is well\n positioned for the future.  We are excited about the progress we have\n made thus far and look to end the year stronger than when we entered\n into 2013.\"\n\n\nAbout CGX Energy \n\n\nCGX Energy is a Canadian-based oil and gas exploration...

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