Mr. Kerry Sully reports

CGX ENERGY INC. ANNOUNCES $15 MILLION BOUGHT DEAL FINANCING

CGX Energy Inc. has entered into an agreement with a syndicate of underwriters led by Cormark Securities Inc. and including Canaccord Genuity Corp., Macquarie Capital Markets Capital Ltd., GMP Securities LP and Toll Cross Securities Inc. to issue, on a bought deal basis, 16.75 million common shares at a price of 90 cents per common share for total gross proceeds of $15,075,000.

CGX has also granted the underwriters an option to purchase up to an additional 2,512,500 common shares to cover overallotments, if any, at a price of 90 cents per common share for additional gross proceeds of approximately $2,261,250. The overallotment option is exercisable in whole or in part for a period of 30 days after and including the date closing of the offering.

CGX intends to use the net proceeds of the offering to finance CGX's capital program offshore Guyana and for general corporate purposes. The common shares will be offered in all provinces of Canada, with the exception of Quebec, by way of a short form prospectus.

Closing is expected to occur on or about Dec. 14, 2010, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities.

We seek Safe Harbor.