TORONTO, March 14, 2019 /CNW/ – CGX Energy Inc. (TSXV: OYL) (“CGX” or the “Corporation“) is pleased to announce that it has completed its previously announced rights offering (the “Offering“). Pursuant to the Offering, the Corporation issued to holders of its outstanding common shares (the “Common Shares“) of record as at the close of business on February 11, 2019 an aggregate of 116,102,318 transferable rights (each, a “Right“) to subscribe for, until 5:00 p.m. (Toronto time) on March 12, 2019 (the “Expiry Date“), an aggregate of 116,102,318 Common Shares. Each Right entitled the holder thereof to subscribe for … Continue Reading
CGX Energy Announces Equity Rights Offering
TORONTO, Feb. 1, 2019 /CNW/ – CGX Energy Inc. (TSXV: OYL) (“CGX” or the “Corporation“) announced today that it will be offering rights (each, a “Right“) to holders of its common shares ( “Common Shares“) at the close of business on the record date of February 11, 2019, on the basis of one (1) Right for each Common Share held (the “Rights Offering“). Each one (1) Right will entitle the holder to subscribe for one (1) Common Share upon payment of the subscription price of C$0.25 (the “Basic Subscription Privilege“). There are currently 116,102,318 Common Shares issued and … Continue Reading
CGX Energy and Frontera Announce Execution of Farm-In Joint Venture Agreement and Bridge Loan
TORONTO, Feb. 1, 2019 /CNW/ – CGX Energy Inc. (TSXV: OYL) (“CGX“) and Frontera Energy Corporation (TSX: FEC) are pleased to announce today the execution of a farm-in joint venture agreement covering CGX’s two shallow water offshore Petroleum Prospecting Licenses in Guyana, the Corentyne and Demerara Blocks. These agreements remain subject to Guyanese government approval.
CGX and Frontera are also pleased to announce today that they have entered into an amended and restated bridge loan agreement, pursuant to which Frontera has agreed to extend the term of CGX’s April 25, 2018 bridge loan to September 30, 2019 and … Continue Reading
CGX Energy and Frontera Announce Amendment to Letter Agreement
TORONTO, Jan. 11, 2019 /CNW/ – CGX Energy Inc. (TSXV: OYL) (“CGX“) and Frontera Energy Corporation (TSX: FEC) (“Frontera“) announced today that they have further amended a letter agreement previously disclosed in a news release of CGX and Frontera on December 4, 2018 and amended on December 14, 2018, to extend the time of the launch of the equity financing in the amount of approximately US$20 million to occur on or prior to February 6, 2019 and anticipated to be completed on or prior to March 15, 2019, subject to regulatory approval.
Further, CGX and Frontera have … Continue Reading
CGX Energy and Frontera Announce Closing of Shares for Debt Transaction
TORONTO, Dec. 20, 2018 /CNW/ – CGX Energy Inc. (TSXV: OYL) (“CGX“) and Frontera Energy Corporation (TSX: FEC) (“Frontera“) announced today that, further to their news release of December 17, 2018, CGX has issued 5,714,285 common shares in the capital of the Company (the “Shares“) to Frontera to settle a total of US$1.2 million in debt. For further details on this transaction, please see our December 17 press release.
All of the Shares are subject to a statutory hold period expiring on April 21, 2019 in accordance with applicable securities legislation.
About CGX Energy:
CGX Energy is a … Continue Reading
CGX Energy and Frontera Announce Amended Letter Agreement and Shares for Debt Settlement
TORONTO, Dec. 17, 2018 /CNW/ – CGX Energy Inc. (TSXV: OYL) (“CGX“) and Frontera Energy Corporation (TSX: FEC) (“Frontera“) announced today that they have amended a letter agreement previously disclosed in a news release of CGX and Frontera on December 4, 2018 to enter into a debt settlement transaction and amend the convertible amount under a bridge loan facility.
Shares for Debt Settlement
CGX and Frontera have entered into a debt settlement agreement with respect to the settlement of US$1,200,000 of debt owing to Frontera by CGX through the issuance of 5,714,285 common shares of CGX (the “Common Shares“) … Continue Reading
CGX Energy Files Year-End Audited Financial Statements
TORONTO, April 6, 2018 /CNW/ – CGX Energy Inc. (“CGX Energy” or the “Company“) announced today the release of its audited consolidated financial results for the year ended December 31, 2017, together with its Management Discussion and Analysis. These documents will be posted on the Company’s website at www.cgxenergy.com and SEDAR at www.sedar.com.
Professor Suresh Narine, Executive Chairman and Executive Director (Guyana) of CGX Energy commented: “2017 has been a pivotal year for the Company, witnessing the renegotiation of its workplans and renewal of its licenses. During this period, the Company, supported by its … Continue Reading
CGX Energy Inc. Announces the Appointment of Drilling Engineer to design its next well on the Corentyne Block in Guyana
TORONTO, March 2, 2018 /CNW/ – CGX Energy Inc. (TSX-V – OYL) (“CGX Energy” or the “Company“) announced today the appointment of Drilling Engineer Michael (Mike) P. Stockinger as Project Operations Manager, who will be in charge of designing the company’s next offshore exploration well on the Corentyne Block offshore Guyana. Executive Chairman, Professor Suresh Narine said “we are delighted that Mike Stockinger has rejoined the company as our Drilling Engineer. Mike brings 40 years of experience in the oil and gas business specializing in drilling, completions, and production engineering and operations. He is also no stranger to CGX … Continue Reading
CGX Announces the Resignation of its Chief Executive Officer
TORONTO, Jan. 10, 2018 /CNW/ – CGX Energy Inc. (TSX-V – OYL) (“CGX Energy” or the “Company“) announces that it has accepted Mr. Dewi Jones’ resignation as Chief Executive Officer of the Company, effective January 8, 2018.
Professor Suresh Narine, Chairman and Executive Director (Guyana) commented: “The Company would like to thank Mr. Jones for his contribution over the years and wish him success in his future endeavours.”
Professor Narine will act in the capacity of Executive Chairman of the Company for the foreseeable future.
About CGX Energy:
CGX Energy is a Canadian-based oil and … Continue Reading
CGX Announces Successful Renegotiation of its Work Commitments on the Corentyne, Demerara and Berbice Petroleum Prospecting Licenses in Guyana
TORONTO, Dec. 18, 2017 /CNW/ – CGX Energy Inc. (TSX-V – OYL) (“CGX” or the “Company“) announces that it has successfully renegotiated its work commitments for the Demerara, Corentyne and Berbice Petroleum Prospecting Licenses with the Government of Guyana. As part of the renegotiation, the Company has also agreed to relinquish 25% of the acreage of both the Corentyne and Demerara blocks to the Government of Guyana.
The new work commitments are:
Corentyne Block
CGX Energy Inc. Announces Annual and Special Meeting Voting Results
(TSX-V | OYL)
TORONTO, June 1, 2017 /CNW/ – CGX Energy Inc. (TSX-V – OYL) (“CGX Energy” or the “Company“) annual and special meeting of shareholders was held on Thursday June 1, 2017, where each of the three nominees proposed as directors pursuant to the Company’s management proxy circular dated May 11, 2017 were elected as directors. The directors achieved an average approval vote of 92% from shareholders. The detailed results of the vote are set out below:
Nominee
Outcome of Vote
Voted
Voted (%)
Erik Lyngberg
Approved
68,210,344 Voted
97,450 Withheld
99.86%
0.14%
Dennis Mills
Approved
68,203,644 … Continue Reading
CGX Energy Files Year-End Audited Financial Statements
(TSX-V | OYL)
TORONTO, May 1, 2017 /CNW/ – CGX Energy Inc. (“CGX Energy” or the “Company“) announced today the release of its audited consolidated financial results for the year ended December 31, 2016, together with its Management Discussion and Analysis. These documents will be posted on the Company’s website at www.cgxenergy.com and SEDAR at www.sedar.com.
Professor Suresh Narine, Chairman of CGX Energy and newly appointed its Executive Director, Guyana on April 14, 2017, commented: While the global downturn in petroleum prices has significantly affected the company over the past two years, the de-risking of … Continue Reading