TORONTO,Sept. 20, 2012/CNW/ - CGX Energy Inc. (TSX-V - OYL) ("CGX" or
the "Company") is pleased to provide an update on activities that are
being undertaken towards continued exploration on the Company's
Petroleum Prospecting Licenses ("PPL") inGuyana.

Kerry Sully, President and CEO stated, "CGX is negotiating agreements
with third parties that may lead to farm-outs on one or more of the
Company's PPLs. Under one agreement, the Company will receive minimum
non-refundable payments of$4 millionin consideration of granting the
third party an opportunity to receive and analyze seismic and well
data."

On the Company's 25% held Georgetown PPL, CGX is pleased to report that
the Government Information News Agency (GINA) issued a press release on
September 18thindicating that "Directions have been issued to theGuyanaGeology and
Mines Commission's Petroleum Division to work with Repsol towards
formalising arrangements to facilitate their seamless continuation in
exploring the Georgetown Block. The current tenure for this section
should expire in late November 2012." The partners to the Georgetown
PPL include Repsol Exploración S.A. (15%), as operator, CGX Resources
Inc. (25%), Tullow Oil plc (30%) and YPFGuyanaLimited (30%). The
Company also confirms that formal applications have been submitted to
the Government ofGuyanafor the re-issuance of its operated offshore
and onshore PPLs.

Suresh Narine, Chairman added, "The cooperation received from the
Government ofGuyanaon both license re-issues and farm-outs has been
of great assistance in advancing these initiatives."

CGX is a Canadian-based oil and gas exploration company focused on the
exploration of oil in the Guyana-Suriname Basin, an area in which the
United StatesGeological Survey estimated a Pmean oil resource
potential of 13.6 billion barrels in their Assessment of Undiscovered
Conventional Oil and Gas Resources ofSouth Americaand the Caribbean,
2012. CGX is managed by a team of experienced oil and gas and finance
professionals fromGuyana,Canada, theUnited Statesand theUnited
Kingdom.