OYL.U Cgx Energy (Tier2)

TORONTO, ONTARIO is pleased to announce that it has retained Jefferies Randall & Dewey, a division of Jefferies & Company, Inc., as its advisor to market a joint venture opportunity on the Company's Corentyne Petroleum Prospecting Licence (PPL) located offshore Guyana.

"We are proceeding with our plans to shoot more than 500 square kilometers of 3D seismic on our Corentyne PPL to enhance our interpretation of our Eagle and Eagle Deep targets," stated Kerry Sully, President and Chief Executive Officer. "We have funds in place to complete this ourselves, but our preference is to farmout the 3D seismic with a commitment to drill a deep exploration well. During the last year, CGX has received a number of unsolicited expressions of interest from international oil and gas companies regarding the possibility of participating in the exploration of the Corentyne PPL, pending the resolution of the maritime border between Guyana and Suriname. A binding resolution of the border was announced on September 20, 2007. We are encouraged by the level of interest that has been expressed and are confident that the experience and capabilities of Jefferies Randall & Dewey will bring added value to the process."

Jefferies Randall & Dewey are advisors dedicated to the global energy industry, with offices in Houston, London and Calgary. Since 1989, Jefferies Randall & Dewey's team of experienced specialists, finance professionals, geoscientists and engineers have solved complex oil and gas business challenges around the world by combining sophisticated transaction knowledge with hands-on E&P expertise. In 2006 and to date in 2007, Jefferies Randall & Dewey was the number one ranked advisor by Thompson Financial and the company completed more than $17 billion of transactions through three quarters in 2007. Jefferies Randall & Dewey has acted as financial advisor to such notable companies as EnCana, Anadarko Petroleum, Linn Energy and Plains Exploration and Production Company. More information can be obtained by visiting their corporate website at www.jefferies.com.

The Company, with the assistance of Jefferies Randall & Dewey, is preparing a virtual dataroom of confidential information and plans to solicit joint venture proposals in the first quarter of 2008. However, there can be no assurance that the marketing process will result in any agreements or transactions.

CGX is a Canadian-based oil and gas exploration company focused on exploration for oil in Guyana, South America. CGX is managed by a team of experienced oil and gas and finance professionals from Canada, U.S.A. and the UK. CGX is financed internationally and has thousands of shareholders worldwide.

THIS PRESS RELEASE WAS PREPARED BY CGX ENERGY INC., WHICH ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY.

Shares Outstanding: 124,273,913

Fully-Diluted: 132,574,913

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contacts: CGX Energy Inc. Kerry Sully President & CEO (604) 733-9647 Email: cgx-sully@shaw.ca CGX Energy Inc. Denis Clement Director (416) 364-1909 Email: dclement@cgxenergy.com CGX Energy Inc. Charlotte May Investor Relations (416) 364-3353 (416) 364-5400 (FAX) Email: cmay@cgxenergy.com

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