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CGX Energy : Announces Guyana Resource Evaluation Report - Successful Rescheduling of Demerara Work Commitment

NEWS RELEASE CGX ENERGY INC.

February 16, 2021

CGX ENERGY INC. ANNOUNCES GUYANA

RESOURCE. | February 23, 2021 ....

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CGX Energy Inc. Announces Guyana Resource Evaluation Report

Toronto, Ontario (Newsfile Corp. - February 16, 2021) - CGX Energy Inc. (TSXV: OYL) (
CGX Energy or the
Company ) and its joint-venture partner Frontera Energy Corporation (TSX: FEC), are pleased to announce the completion of an independent Prospective Resource study and report (the
Resource Report ) in respect of the Corentyne North Area, Corentyne Main Area and Demerara Block, offshore Guyana. The Company also disclosed the successful renegotiation of the Joint Venture s work commitments with respect to its Petroleum Prospecting License (
PPL ) for the Demerara block offshore Guyana and the Company s Berbice block onshore Guyana.
Gabriel de Alba, Co-Chairman of the Board of Directors, commented: ....

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