CGX Energy Inc V.OYL

New Board Member - lots of g0od news to come!

[stormin1]

January 3, 2012

CGX Appoints Dr. Suresh Narine to Board of Directors

TORONTO, ONTARIO--(Marketwire - Jan. 3, 2012) - CGX Energy Inc. (TSX VENTURE:OYL) ("CGX" or the "Company") is pleased to announce that Professor Suresh Narine has been appointed to the Company's Board of Directors.

Professor Suresh Narine, named in 2011 as one of Canada's Top 40 Under 40 Leaders, is originally from Guyana. Professor Narine has an impressive academic career that includes numerous awards including the prestigious "Growing Alberta Leadership Award for Innovation" received in 2005 for pioneering the development of technology to produce polyurethanes from vegetable oils among many other accomplishments. Also in 2005, Professor Narine accepted a presidential appointment as the Director of Guyana's Institute of Applied Science and Technology (IAST), a role which he maintains, together with his academic appointment as Senior Professor for Trent University, his alma mater, in the Departments of Physics and Astronomy and Chemistry and as Director of the Trent Centre for Biomaterials Research. Professor Narine is currently the Ontario Research Chair in Green Chemistry and Engineering and the NSERC/GFO/ERS Senior Research Chair in Lipid Derived Biomaterials. For his work in the development and commercialization of biofuel technology in Guyana, Professor Narine was awarded the Guyana/Canada Special Achievement Award in 2007 and in 2011 he received an award from Guyana for his contributions to Science and Technology in Canada and for his contributions in this field towards the development of Guyana.

"Although based in Canada, Suresh has worked closely on developmental activities related to science and technology in Guyana. He is credited with taking the IAST from an almost defunct state to where it is now regarded as among the top 1% of applied research institutes in the Caribbean. His knowledge and innovative thinking will be invaluable in advising our team in establishing Guyana-based training programs for skilled-labour and management, in activities related to social responsibility and impact, and in sound environmental approaches. We look forward to his participation on our Board," says Kerry Sully, Chairman of CGX.

On his appointment to the CGX Board of Directors, Suresh commented, "Guyana currently spends more than forty percent of its GDP on imported fuel. The country's developmental trajectory has been significantly impaired due to this crippling dependence on foreign fuel. The spectre of domestic petroleum sources, however, is also accompanied by concomitant social and environmental risks - as a country Guyana needs to invest in the human capital and social structure required to ensure the proceeds of petroleum are managed for the common good, while ensuring that it continues to commit to a low-carbon development agenda, including alternative energy and materials development. I am delighted to therefore be on the board of CGX, a company which has clearly articulated its social responsibility to Guyana and its environment, and to playing an influential role in ensuring that Guyana's approach to domestic petroleum is thoughtful and strategic."

Suresh Narine has been granted 300,000 stock options exercisable at a price of $1.05 until January 3, 2017.

CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin, an area that is ranked second in the world for oil and gas prospectivity by the United States Geological Service. CGX is managed by a team of experienced oil and gas and finance professionals from Guyana, Canada, the United States and the United Kingdom.