June 24, 2004
CGX Announces US$6 Million Financing led by GMP Securities and including Raymond James

Toronto, Ontario - CGX Energy Inc. (OYL.U - TSX-V) has entered into a financing agreement with GMP Securities Ltd. (GMP) and Raymond James Ltd. (Raymond James) whereby GMP has been engaged as lead agent for a private placement of up to 8,219,178 Units at a price of US$0.73 per Unit for aggregate gross proceeds of up to US$6,000,000.  Each Unit will consist of one (1) common share and one-half (1/2) common share purchase warrant. Each whole common share purchase warrant will be exercisable into one (1) common share at a price of US$1.10 for a period of eighteen months from the date of closing of the financing. The Units will be marketed on a best efforts basis under private placement exemptions to qualified investors in Ontario, Alberta , British Columbia and other jurisdictions as may be agreed to by GMP and CGX.

Proceeds from the private placement will be used to fund exploration and development activities, including drilling of exploration wells onshore Guyana through CGX's subsidiary company, ON Energy Inc. and to advance certain of CGX's offshore properties and for general corporate purposes. Completion of the sale of the Units remains subject to the acceptance thereof by the TSX Venture Exchange and to the 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.