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CGX Energy Files June 30, 2026 Financial Statements and Announces Changes to the Board of Directors
Toronto, Ontario–(Newsfile Corp. – August 14, 2026) – CGX Energy Inc. (TSXV: OYL) (“CGX” or the “Company“) announced today the release of its unaudited condensed interim consolidated financial statements for the six-month period ended June 30, 2026, together with its Management’s Discussion and Analysis. These documents will be available on the Company’s website at www.cgxenergy.com and on SEDAR+ at www.sedarplus.ca. All amounts in this press release are stated in United States dollars unless otherwise indicated.
Mr. René Burgos resigned as a director of the Company effective July 1, 2026. On July 23, 2026, the Board appointed Mr. Andrés Sarmiento as a director. Mr. Sarmiento currently serves as Chief Financial Officer of Frontera Energy Corporation and brings more than 15 years of leadership experience in the energy, infrastructure and public policy sectors. The Company thanks Mr. Burgos for his valuable contributions during his tenure and welcomes Mr. Sarmiento to the Board.
Grand Canal Industrial Estates Inc. (“GCIE“), a subsidiary of the Company, entered into a port services agreement with a third-party customer effective June 15, 2026, for the use of designated port capacity and six acres of storage at the Berbice River Port. The agreement has an initial term ending July 17, 2027 and provides for a minimum monthly charge of U.S.$64,000, plus applicable value-added tax, and minimum annual throughput of 240,000 metric tonnes, subject to the terms and conditions of the agreement. The agreement also provides for additional charges based on excess throughput and other port-related services.
CGX Resources Inc. (“CGX Resources“), a wholly owned subsidiary of the Company, and Frontera Energy Guyana Corp. (“Frontera Guyana“) are joint venture partners in respect of the Corentyne block offshore Guyana (the “Joint Venture“). The Joint Venture holds a 100% working interest in the Corentyne block, with participating interests of 27.48% for CGX Resources and 72.52% for Frontera Guyana. These interests reflect a 4.52% assignment from CGX Resources to Frontera Guyana agreed to in 2023, which remains subject to approval by the Government of Guyana (“GoG“) but is enforceable between the parties.
The Joint Venture continues to firmly maintain that its interests in the Corentyne block and the related petroleum agreement remain valid and in good standing. The GoG has reaffirmed its position that the Joint Venture’s interests expired on June 28, 2024, a position with which the Joint Venture strongly disagrees.
