September 9, 2004
CGX Grants 1,590,000 Stock Options

Toronto, Ontario - CGX Energy Inc. (OYL.U - TSX-V) announces that it has granted, pursuant to its stock option plan, to officers, directors and consultants of the Company an aggregate of 1,590,000 stock options, each stock option entitling the holder to purchase one common share of the Company at a price of US$0.80 until September 7, 2009.

CGX Energy Inc. 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.