March 7 , 2005
CGX Announces $5 Million Non-Brokered Private Placement

Toronto, Ontario - CGX Energy Inc. (OYL.U - TSX-V) has authorized a private placement of 6,250,000 Units at a price of US$0.80 per unit for aggregate gross proceeds of US$5 million.  The private placement will consist of units priced at US$0.80 per unit.  Each unit consists of one common share and one-half common share purchase warrant.  Each full warrant will entitle the holder to purchase an additional common share at a price of US$1.10 for a period of 18 months from closing of the private placement. A commission may be paid to certain parties at the discretion of the Company.

The securities issued on closing of the private placement will be subject to a four-month hold period. 

Completion of the sale of the Units remains subject to the acceptance thereof by the TSX-V and to completion of definitive transaction documentation.

CGX Energy Inc. (TSX-V- OYL.U) is a Canadian-based oil and gas exploration company focused on the exploration for oil in the Guyana basin and is actively looking at other international opportunities. 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 shareholders worldwide.  For further information please contact: Kerry Sully, President & CEO at (604) 733-9647, Charlotte May, Investor Relations at (416) 364-3353 or Denis Clement, Director at (416) 364-1909 or visit our website at www.cgxenergy.com.

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THIS PRESS RELEASE WAS PREPARED BY CGX ENERGY INC., WHICH ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.