| May 17, 2011 |
| CGX Announces Kerry Sully to be Appointed Executive Chairman and Steve Hermeston to Join CGX as President and CEO |
TORONTO, ONTARIO--(Marketwire - May 17, 2011) - CGX Energy Inc. (TSX VENTURE:OYL) ("CGX" or the "Company") is pleased to announce that Steve Hermeston will be joining CGX as President and CEO effective June 13, 2011, and Kerry Sully will be appointed Executive Chairman of the Company at that time. Steve Hermeston has been appointed to the Company's board of directors effective May 17, 2011.
Steve has had an impressive 30-year career in the international E&P industry. In addition to having led oil and gas exploration teams at several major E&P companies, his analysis has led to discoveries that include High Island A-22 (150 bcf in the Gulf of Mexico), Peregrino (250 to 650 mmbbl in Brazil) and the Llanos basins (five fields in Colombia totalling up to 50 mmbbl). Steve is an active professional and is well respected for his publications and presentations. Steve graduated from the University of South Florida and is currently undertaking masters studies in structural geology in the Czech Republic. Born in Canada, he spent his early years in the Toronto area and in the 1990s worked in Edmonton with Chieftain International. Steve will be based in Houston, a gateway to the oil and gas industry in South America.
Kerry Sully commented, "From my first meeting with Steve, I knew we'd found our new president. He has a history of success in oil and gas exploration and new business development in the Guyana/Suriname basin, South America, North and West Africa, the offshore Gulf of Mexico and other major international areas. Steve is a first-rate geologist with a strong resume of technical and project management achievements and an impressive group of industry contacts worldwide-exactly the skills our team needs for the exciting year ahead as we drill our prospects offshore Guyana." In terms of how he and Steve will work together to advance CGX's position, Kerry added, "I'll continue to be involved in all aspects of liaison with the Government of Guyana and dealing with the investment community, including corporate finance. Steve will put his many strengths to work directing the technical aspects of our operations and leading us forward with new opportunities."
"I am extremely pleased to join the CGX team that has worked closely with the Government of Guyana on its licences and has interpreted and developed a number of highly prospective targets on its acreage. CGX's position in Guyana represents an unprecedented opportunity to explore for giant oil accumulations off the Equatorial Margin of South America, in a mirror-image setting to discoveries offshore West Africa, such as the billion barrel Jubilee field offshore Ghana. The recent and continuing success of other companies in the Equatorial Margin, including our partners Repsol and Tullow in the Jaguar prospect, speaks to the exciting potential of our portfolio and play concepts", said Steve, who added, "I'm very familiar with the Guyana/Suriname Basin where I completed extensive regional modeling of the same formations CGX has identified. Jaguar will test a Turonian basin-floor fan this summer on its Georgetown Licence. On its Corentyne Licence, Eagle may be drilled shallow to test an Eocene fan or with the right combination of joint venture partner and/or financing, drilled deep to test stacked Eocene, Maastrichtian, Campanian and Turonian leads and prospects. Current drilling by Inpex offshore Suriname may open an Albian/Aptian fairway that extends west to four leads CGX has mapped. CGX is uniquely and strategically positioned to capitalize on the ongoing drilling in the Guyana/Surinam basin and to lever any early encouragement or success into our portfolio evaluation."
Steve Hermeston has been granted 750,000 options exercisable at $0.63 until May 17, 2016.
CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration for oil in the Guyana. CGX is managed by a team of experienced oil and gas and finance professionals from Canada, U.S.A. and the UK. CGX is financed internationally and has thousands of shareholders worldwide.
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