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 the Guyana basin through multiple large discoveries has simultaneously provided enough buoyancy to allow the company to take steps to restructure its debt and prepare to continue exploration. The company has been aided significantly in this regard through the support of its major shareholder, Pacific Exploration & Production Corporation, which was successfully restructured after being also affected by the downturn in prices. The next several months are important ones for the company as we restructure and begin preparing to play our role in the further exploration of the Guyana basin. I wish to thank the Ministry of Natural Resources and the Guyana Geology and Mines Commission for their cooperation and collaboration, especially over the past 12 months.
2016 Year-End Overview and Highlights
Executive Appointment and Option Grant
CGX Energy also announces that on April 14, 2017 its Board of Directors appointed Professor Suresh Narine, as its Executive Director, Guyana, subject to regulatory approval. Professor Narine will remain as a director of the Company. In conjunction with his appointment, the Board of Directors has agreed to grant Professor Narine incentive stock options to purchase 1,000,000 common shares of the Company. The stock options will be granted on May 2, 2017 pursuant to the Company's stock option plan and will be exercisable at a price equal to the closing market price on such date. The options will expire on May 2, 2022.
About CGX Energy
CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin.
SOURCE: CGX Energy Inc.
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