Toronto, Ontario--(Newsfile Corp. - October 26, 2021) - CGX Energy Inc. (TSXV: OYL) ("CGX" or the "Company"), announces the appointment of Todd Durkee as Vice-President of Development. Mr. Durkee will oversee the development aspects of the Company's projects on its petroleum prospecting licences and deep-water port development. Mr. Durkee will be a core member of the Company's management team, bringing deep industry experience in key strategic and decision making positions. Mr. Durkee was most recently the Vice President of Worldwide Deepwater Drilling and Completions of Anadarko Petroleum Corporation ("Anadarko").

Gabriel de Alba, CGX's Co-Chairman, said: "We are very pleased to have Todd join our leadership team. Todd has unparalleled experience and expertise as it relates to deep water drilling and completions across basins worldwide. We look forward to Todd's contributions as we continue to advance our exploration program."

Mr. Durkee has 33 years extensive experience in oil and gas operations in many international basins, primarily offshore. His career started with Kerr-McGee in 1988 where he rose through the operational, technical and management ranks working in the US Gulf of Mexico ("GoM"), North Sea (UK) and Alaska. Through the merger with Anadarko in 2006, he was named General Manager of GoM/International Exploration drilling and completions. During his time at Anadarko, he was responsible for international drilling projects in Gulf of Mexico, West Africa, East Africa, North Africa, Middle East, Indonesia, New Zealand, Colombia, Brazil and Alaska. In 2017, Mr. Durkee was named Anadarko's Vice President of Worldwide Deepwater Drilling and Completions. Following Occidental Petroleum acquisition of Anadarko in August 2019, Mr. Durkee retired from the Company in March 2020. Mr. Durkee holds a Bachelor of Science degree in Petroleum Engineering from Louisiana State University.

In connection with the appointment of Mr. Durkee and the prior appointment of Veronique Giry to CGX's Board of Directors at the Company's annual and special meeting of shareholders held on June 30, 2021, the Company has today granted a total 1,800,000 incentive stock options ("Options"). The Options were granted pursuant to the Company's stock option plan and are exercisable at a price of Canadian $1.36 per share and expire on October 24, 2026. These Options vest as follows: (a) 1/3 of the Options granted on one year anniversary date of grant; (b) 1/3 of the Options granted on the second anniversary of the Option grant; and (c) 1/3 of the Options granted, being the remaining amount, on the third anniversary of the Option grant, subject to a vesting acceleration clause under certain events.

Photo of Mr. Todd Durkee

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About CGX 

CGX is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep water port in the Berbice, Guyana.

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