TORONTO, ONTARIO--(Marketwire - Oct. 19, 2011) -

NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR DISSEMINATION IN THE US.

CGX Energy Inc. (TSX VENTURE:OYL) ("CGX" or the "Company) is pleased to announce that it has closed its previously announced offering of common shares at $0.70 per share (the "Offering"). Pursuant to the Offering, CGX has issued 131,445,000 common shares (the "Common Shares") of the Company for gross proceeds of $92,011,500 which included the full exercise of the over-allotment option.

On August 17, 2010, CGX closed its financing of 40,000,000 common shares of the Corporation at a price of

C$0.50 per share for total gross proceeds to the Corporation of C$20,000,000 or US$19,186,500.

On December 14, 2010, CGX closed its financing of 25,587,500 common shares of the Corporation at a price of

C$0.90 per share for total gross proceeds to the Corporation of C$23,028,750 or US$22,880,000.