OYL.U Cgx Energy (Tier2)

CGX Energy Inc. (TSX VENTURE:OYL.U)(TSX VENTURE:OYL) ("CGX") is pleased to
announce that an independent resource assessment (the "Report") has been
completed by Gustavson Associates LLC of Boulder, Colorado, U.S.A. (Gustavson)
for three prospects on the Company's Corentyne Offshore Petroleum Prospecting
Licence (PPL) located offshore Guyana, South America. Using probabilistic
analysis, Gustavson calculated a total best estimate (P50) Prospective Resource
as of February 1, 2010 in three prospects to be 2.8 billion barrels of oil (see
description of Prospective Resource below). The Resource Assessment has been
filed on SEDAR (www.sedar.com) and on the Company's website (www.cgxenergy.com).


The Report is limited to an estimate of the potential undiscovered oil and gas
prospective resources underlying the Corentyne Offshore PPL that covers
approximately 9,180 square kilometres net to CGX. As of February 1, 2010, CGX
held an interest in four Petroleum Agreements (PA) covering approximately 34,723
square kilometres gross (approximately 28,197 square kilometres net) offshore
and onshore Guyana. Each PA corresponds to a separate Petroleum Prospecting
Licence (PPL), with the exception of the Corentyne PA, that is split into three
PPL's, the Corentyne Offshore PPL, the Corentyne Annex PPL, and the Berbice
Onshore PPL. CGX Energy Inc. has a 100% working interest (WI) in the Corentyne
Offshore PPL, the Corentyne Annex PPL and the Pomeroon PPL; a 25% WI in the
Georgetown PPL; and a 62% WI in the Berbice PPL through its subsidiary ON Energy
Inc. 


The Gustavson resource estimates were prepared in accordance with the
requirements of Canadian National Instrument 51-101 Standards of Disclosure for
Oil and Gas Activities ("NI 51-101"). Capitalized terms related to resource
classifications used in this press release are based on the definitions and
guidelines in the Canadian Oil and Gas Evaluation Handbook ("COGEH"), 2007. 


No commercial discoveries have been made in the offshore Guyana basin and hence
there have been no reserves found. Historic well data, regional geology and 2D
and 3D seismic were reviewed by Gustavson to prepare a probabilistic Prospective
Resource Estimate of that portion of the prospects lying entirely within the
Corentyne PPL as shown below.




                             Prospective Oil Resource    
                                Millions of Barrels      
                         --------------------------------
                                Low       Best       High
Prospect                   Estimate   Estimate   Estimate
Eagle Lower Turonian            187      1,269      3,340
Eagle Upper Turonian            144      1,241      3,949
Eagle Tertiary                   67        315        693
                         ---------- ---------- ----------
Sum of Prospects                398      2,825      7,982
                         ---------- ---------- ----------
                         ---------- ---------- ----------



As specified in the COGEH, the Sums of Prospects are arithmetic sums, and as
such do not represent the same probability levels as the estimates for the
individual prospects.


Prospective Resources are those quantities of oil and gas estimated to be
potentially recoverable from undiscovered accumulations. If discovered, they
would be technically and economically viable to recover. However, there is no
certainty that the Prospective Resources will be discovered. In addition, the
following mutually exclusive Classification of Resources were used:


Low Estimate - This is considered to be a conservative estimate of the quantity
that will actually be recovered from the accumulation. This term reflects a P90
confidence level where there is a 90% chance that a successful discovery will be
more than this resource estimate.


Best Estimate - This is considered to be the best estimate of the quantity that
will actually be recovered from the accumulation. This term is a measure of
central tendency of the uncertainty distribution and in this case reflects a 50%
confidence level where the successful discovery will have a 50% chance of being
more than this resource estimate.


High Estimate - This is considered to be an optimistic estimate of the quantity
that will actually be recovered from the accumulation. This term reflects a P10
confidence level where there is a 10% chance that the successful discovery will
be more than this resource estimate.


Note that these distributions do not include consideration of the probability of
success of discovering and producing commercial quantities of oil, but rather
represent the likely distribution of the oil deposits, if discovered.


Gustavson (http://www.gustavson.com/) is a global consulting firm consisting of
geologists, geophysicists, engineers, land and contracts managers as well as
economists and financial experts who solve problems on all aspects of natural
resource evaluations. This work ranges from the first steps of prospecting to
design and assessment of production facilities. Gustavson has a 30-year track
record of quality consulting to industry and governments worldwide. Specific
studies in South America have included reports on "The Petroleum Resource
Potential of Brazil", "An Overview of the Geology and Petroleum Resource
Potential of Bolivia" and "The Petroleum and Exploration Potential of
Argentina". Gustavson have also completed reserve estimates for clients such as
the International Finance Corporation, Conoco, Inc., and the Ghana National
Petroleum Company, and conducted economic modelling for private clients as part
of license rounds in offshore Venezuela. Gustavson have also done extensive work
offshore West Africa, including reserves and resource estimates and economic
evaluations in Cote d'Ivoire.


Gustavson has acted independently in the preparation of the Report. Gustavson
and its employees have no direct or indirect ownership in the property appraised
or the area of study described. Ms. Letha Lencioni, P.E., signed off on the
Report, which has been prepared by her as a Qualified Reserves Evaluator, with
the assistance of others on Gustavson's staff.


With respect to Assumptions and Limiting Conditions within the Report, "This
Report is limited to a discussion of the potential undiscovered oil and gas
Prospective Resources of the subject property. This Report does not attempt to
place a value thereon. Gustavson Associates reserves the right to revise its
opinions of reserves and resources, if new information is deemed sufficiently
credible to do so. The accuracy of any estimate is a function of available time,
data and of geological, engineering and commercial interpretation and judgment.
While the resource estimates presented herein are believed to be reasonable,
they should be viewed with the understanding that additional analysis or new
data may justify their revision and we reserve the right to make such revision."


"We're very happy to have this independent concurrence of our work by Gustavson
Associates" stated Warren Workman, Vice President Exploration for CGX.
"Subsequent to a prior Report by Gustavson that was filed on January 3, 2008,
CGX shot, processed and interpreted 505 square kilometres of 3D seismic yielding
better clarity on the geology and extent of the specific Prospects. Our former
Eagle Shallow Fan Prospect is now the Eagle Tertiary Prospect. A series of traps
in the Upper Cretaceous we called the Eagle Deep West Prospect and Eagle Deep
East Prospect are now our Eagle Lower Turonian Prospect, our Eagle Upper
Turonian Prospect and our Eagle Campanian Lead. The Eagle well we plan to drill
in Q4 2010 will test each of the three Prospects, plus Leads in the Campanian
and Maastrichtian. Gustavson has not estimated Prospective Resource for these
Leads, nor for additional Leads on the Corentyne Offshore PPL that include the
Wishbone Tertiary Lead, and two Leads in the Albian Carbonate, Kabukalli and
Crabwood. As interpretation proceeds and new data becomes available, our goal is
to upgrade these five Leads to Prospect status. In the January 3, 2008 Report,
the Low, Best and High Estimates for the Sum of Prospects were 1.13, 2.75; and
6.23 billion barrels respectively, a similar probability distribution of
Prospective Resource as contained in the new Report." 


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 includes "forward looking statements", within the meaning of
applicable securities legislation, which are based on the opinions and estimates
of Management and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ materially from
those projected in the forward looking statements. Forward-looking statements
are often, but not always, identified by the use of words such as "seek",
"anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast",
"may", "will", "project", "predict", "potential", "targeting", "intend",
"could", "might", "should", "believe" and similar words suggesting future
outcomes or statements regarding an outlook. Such risks and uncertainties
include, but are not limited to, risks associated with the oil and gas industry
(including operational risks in exploration development and production; delays
or changes in plans with respect to exploration or development projects or
capital expenditures; the uncertainty of reserve estimates; the uncertainty of
estimates and projections in relation to production, costs and expenses; the
uncertainty surrounding the ability of CGX Energy Inc. to obtain all permits,
consents or authorizations required for its operations and activities; and
health safety and environmental risks), the risk of commodity price and foreign
exchange rate fluctuations, the ability of CGX Energy Inc. to fund the capital
and operating expenses necessary to achieve the business objectives of CGX
Energy Inc., the uncertainty associated with commercial negotiations and
negotiating with foreign governments and risks associated with international
business activities, as well as those risks described in public disclosure
documents filed by CGX Energy Inc. Due to the risks, uncertainties and
assumptions inherent in forward-looking statements, prospective investors in
securities of CGX Energy Inc. should not place undue reliance on these
forward-looking statements. Statements in relation to "resources" are deemed to
be forward-looking statements, as they involve the implied assessment, based on
certain estimates and assumptions, that the resources described will e
discovered and can be profitably produced in the future.


Readers are cautioned that the foregoing lists of risks, uncertainties and other
factors are not exhaustive. The forward-looking statements contained in this
press release are made as of the date hereof and the Company undertakes no
obligation to update publicly or revise any forward-looking statements contained
in this press release or in any other documents filed with Canadian securities
regulatory authorities, whether as a result of new information, future events or
otherwise, except in accordance with applicable securities laws. The
forward-looking statements contained in this press release are expressly
qualified by this cautionary statement.


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




Shares Outstanding:           127,834,913
Fully-Diluted:                137,779,913

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