February 13, 2004
CGX Grants 50,000 Options

Toronto, Ontario - CGX Energy Inc. (OYL.U - TSX-V) announces that it has granted, pursuant to its stock option plan, to consultants of the Company an aggregate of 50,000 stock options, each such stock option entitling the holder to purchase one common share of the Company at a price of US$0.63 until February 12, 2009.

CGX Energy Inc. (TSX-V- OYL.U) is a Canadian-based oil and gas exploration company focused on the active exploration for oil in the Guyana basin. 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 over 5,000 shareholders worldwide.

Additional information on CGX Energy may also be examined and/or obtained through the internet by accessing CGX Energy’s website at www.cgxenergy.com or by accessing CGX Energy’s public disclosure documents through the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com.

For further information please contact Kerry Sully, President & CEO at (604) 733-9647 or Denis Clement at (416) 364-5569.

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.