GCX Energy Inc (OYL)

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CGX Energy Completes $23 Million Bought Deal Financing
http://cgxenergy.ca/PR_Dec14_2010.html

Toronto, Ontario - CGX Energy Inc. (OYL - TSX-V) is pleased to announce that it has closed its previously announced offering of common shares at $0.90 per share (the "Offering"). Pursuant to the Offering, CGX has issued 25,587,500 common shares (the "Common Shares") of the Company for gross proceeds of $23,028,750 which included the full exercise of the over-allotment option. The Offering was led by Cormark Securities Inc. and included Canaccord Genuity Corp., Macquarie Capital Markets Canada Ltd., GMP Securities L.P. and Toll Cross Securities Inc. (collectively "the Underwriters"). As compensation for their services in connection with the Offering, an aggregate underwriting fee of $1,381,725 was paid to the Underwriters by the Company. Completion of the Offering is subject to receipt by the Corporation of the final approval of the TSX Venture Exchange in connection therewith.

CGX intends to use the net proceeds of the Offering to fund CGX's capital program offshore Guyana and for general corporate purposes.

Additional information on CGX Energy Inc. may also be examined and/or obtained through the internet by accessing the website of CGX at www.cgxenergy.com.