CGX Energy Inc. - 2012-07-10

It has closed its private placement to Pacific Rubiales Energy Corp. of 85,714,285 units at a price per Unit of $0.35 for an aggregate purchase price of $30 million. The common shares acquired by Pacific Rubiales are, and the common shares which may be acquired upon the exercise of the Warrants will be, subject to a hold period until November 10, 2012, in accordance with applicable securities legislation. The proceeds from the private placement will be used to fund expenditures related to the Company's oil and gas exploration activities offshore Guyana and for general corporate purposes.