March 201051-101 Update

(TSX(TSX--V: OYL)V: OYL)www.cgxenergy.comwww.cgxenergy.com

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Forward Looking StatementsForward Looking Statements

This presentation contains certain forward-looking statements. All statements, other

than statements of historical fact, included herein, including without limitation,

statements regarding potential exploration results, hydrocarbons, resources and

reserves, and the future plans and objectives of CGX Energy Inc. are forward-looking

statements that involve various risks and uncertainties. There can be no assurance that

such statements will prove to be accurate and actual results and future events could

differ materially from those anticipated in such statements. Important factors that could

cause actual results to differ materially from CGX's expectations are disclosed elsewhere

in documents that are available to the public at www.sedar.com.

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Key Management OverviewKey Management Overview

Kerry Sully

President, CEO and Director

• 40 years experience

• Former CEO and Director of Ranchmen’s Resources

• Reserve assessments include Iran 1975

• Financial modeling Texaco Canada 1970-73

• B.Sc. Chemical Engineering, University of Saskatchewan

James Fairbairn, C.A., ICD.D

CFO

• 20 years experience with publicly-traded companies

• Officer of Claim Post Resources and Treasury Metals

• Director Canada Lithium and Schyan Exploration

• B.A. University of Western Ontario, Chartered Accountant

John Clarke

VP, Business Development

• 35 years experience, E&P with Texaco and Candax; Oil and Gas Analyst with Deutsche Bank and Octagon

• B.Sc. Physics, Birmingham University

• M.Sc. Imperial College

• B.A. English, University of Calgary

Warren Workman

VP, Exploration

• 35 years experience

• Previously with Amoco, Unocal and Ranchmen’s

• B.Sc. Geology, Queen’s University, Ontario

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� Independent E&P focused on emerging Equatorial Atlantic Margin Play

• C$200mm/£120mm market capitalization on TSX-V

• 127.3 mm shares outstanding; 137.3 fully diluted

• US$18.5 million cash balance as of September 30, 2009

� Significant acreage position in a highly prospective basin

• 2.8 billion barrels P50 prospective resource for the Eagle well

• 8.6 million gross acres (7.0 million net acres) in Guyana

• Significant 2D/3D seismic undertaken to date

• Analogous to West African Ghana (Jubilee, Tweneboa) and Sierra Leone (Venus)

• Exxon, Total, Shell, Tullow, Repsol, Murphy, Noble and Inpex all active in the basin

� Material operational and corporate developments over the next four quarters

• April 2010 target to finalize JV partner

• May 2010 target to sign rig contract

• Q4 2010 target to start two well exploration program

Executive SummaryExecutive Summary

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Equatorial Atlantic Margin PlayEquatorial Atlantic Margin Play

The Atlantic Margin at Turonian - Campanian Time (Mid Cretaceous)

Guyana/Suriname Basin

Mirror image depositional setting and geological timing to recent world class West African discoveries

Gu

yan

a

SurinameFrench

Guiana

Sierra

LeoneLiberia Cote

d’Ivoi

reGhana

CENOMANIAN SO

URCE R

OCK

Venus - Campanian(Anadarko, Repsol,

Woodside and Tullow)

Venus - Campanian(Anadarko, Repsol,

Woodside and Tullow)Jubilee and Tweneboa -

Turonian(Kosmos, Anadarko, Tullow)

Jubilee and Tweneboa -Turonian

(Kosmos, Anadarko, Tullow)

Turonian, Campanian, Eocene

CGX Prospects

Turonian, Campanian, Eocene

CGX Prospects

Source : Anadarko

Cross-section Offshore Ghana

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Proven Hydrocarbon System Proven Hydrocarbon System But Offshore Guyana UnderBut Offshore Guyana Under--Explored Explored

1958 to 2007 1958 to 2007 –– only 21,000 km 2D and 11 wells only 21,000 km 2D and 11 wells

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Abary – Shell 1975• In-well blow out• 37 API oil in mud

Abary – Shell 1975• In-well blow out• 37 API oil in mud

Tambaredjo and Calcutta > 1.0

billion barrels OOIP

Tambaredjo and Calcutta > 1.0

billion barrels OOIP

Outline of CGX

Licences

Outline of CGX

Licences

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Guyana Suriname Basin Guyana Suriname Basin

Preparing to DrillPreparing to Drill

Guyana� CGX

• 3D Seismic done• 1 well announced 9 months

• Repsol, YPF, Tullow, CGX• 3D seismic done• 1 well announced 15 months

• Esso, Shell• 2D seismic done

Suriname• Inpex

• 3D seismic interpreting• Murphy

• 3D seismic done• 2 well announced 9 months

French Guiana• Tullow, Shell, Total

• 3D seismic processing• 1 well announced 12 months

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� Focus on two key licenses:

• Corentyne 100% CGX

• Expires June 2013

• 506 sq km 3D done

• 1 well Q4 2010

• Georgetown 25% CGX

• Expires November 2012

• Repsol 15%, YPF 30%, Tullow 30%

• 1,839 sq km 3D done

• 1 well H1 2011

License SummaryLicense Summary8.6mm acres gross, 7.0mm acres net

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World Class Joint Venture World Class Joint Venture

OpportunityOpportunity

� Managed by Jefferies & Company

� Virtual Data Room

� 2,345 km2 of new 3D seismic in physical data room

� Proposals requested by April 2010

� Farmout consideration on 100% Corentyne PPL include combinations of:

� Contribution to US$47 mm sunk costs

� Promote on 6,200 m - $70 mm well - drilling expected Q4 2010

� Carry on appraisal well drilling

� Additional opportunity exists to participate in the Repsol/YPF/Tullow/CGXGeorgetown PPL (25% WI)

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Primary ProspectsPrimary Prospects

�� TuronianTuronian TurbiditeTurbidite

Secondary ProspectSecondary Prospect

�� Eocene SandEocene Sand

LeadsLeads

�� MaastrichtianMaastrichtian SandSand

�� CampanianCampanian TurbiditeTurbidite

�� AlbianAlbian / / AptianAptian ReefReef

CGX Prospect /Lead MapCGX Prospect /Lead Map

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Eagle Well to Eagle Well to TuronianTuronianwill also test Eocene Prospect andwill also test Eocene Prospect and

MaastrichtianMaastrichtian and and CampanianCampanian LeadsLeads

Scheduled for Q4 2010

� TD 21,000 feet

� Water depth 260 feet

� High Pressure/ High Temperature

� Cost ~ US$70 million

18.1 km

12.6 km

Scale5 km

High EstimateProspect Footprints

Overlap

Eagle Well: : Assessed Target Area km2

HorizonLow

EstimateBest

EstimateHigh

Estimate

Eocene 24 69 117

Upper Turonian 8 94 260

Lower Turonian 11 87 188

Prospective Resource Prospective Resource

SummarySummary

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� Only Corentyne block assessed by third party reserve engineers

� Management has identified significant leads and resources in broader portfolio

Source: Gustavson Associates March 2010

0.4

2.8

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3 Prospects and 5 Leads on 3 Prospects and 5 Leads on

Corentyne PPLCorentyne PPL

13Source: Gustavson Associates March 2010

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Depositional Model for Depositional Model for TuronianTuronian

Berbice Canyon

- 25 km across

- 1.3 km deep

Richards, Bating, Bowman, 1998

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CorentyneCorentyne Incised Valley Incised Valley

Funnels Sands on to SlopeFunnels Sands on to Slope

Jurassic Synrift Sediments

Albian Shelf Margin Carbonates

High Quality Source Rock

Eagle Turonian

Eagle Campanian

Maastrichtian Sands

Eocene Sands

Marl

Oligocene Channels

Corentyne Incised Valley

Shelf Margin Carbonates

~6,200m~6,200m

Sand Rich Shelf

!

!

!

!

!

!

!

ª

i

i

h

h

#

#EG-1

CO-1

JAG-1

MAH#2

MAH#1

ABARY#1

HOR SESHOE

±

A

B

Conduit for sand into basin

Conduit for sand into basin

Apron Apron

Sand Sand

DepositsDeposits

25 km

Eagle Location

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Positive AVO in Positive AVO in TuronianTuronian --(Indicative of Hydrocarbon Charge)(Indicative of Hydrocarbon Charge)

GeorgetownGeorgetown CorentyneCorentyne

GeorgetownGeorgetown CorentyneCorentyne

Approx. outline of

Eagle sea floor fan

complex

A B

A

B

Hydrocarbon Hydrocarbon

fluid indications fluid indications

from AVO and from AVO and

inversion workinversion work

Eagle-1

Eagle Eagle TuronianTuronian Fan ComplexFan Complex

~250m Gross Thickness~250m Gross Thickness

10 km

10 km

TopAMP-Eagle-Case2

.35-TopAmp-Basal Sequence

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Leading Edge Technologies Leading Edge Technologies

UsedUsed

� 3D solid-state streamer acquisition by Fugro 2,344 sq km

� PSTM by CGGVeritas and PGS

� PSDM TTI by CGGVeritas

� AVO and Inversion using Rock Solid Images

� PSTM and Interval Velocity Using Data Modeling Inc.

� Attributes by ffA on Georgetown

� GMI pore pressure prediction / wellbore stability

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2010 2011

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Finalize JV

Rig Tender

Drill Corentyne

Drill Georgetown

� Two wells planned for late 2010 / early 2011

� Rig tender to launch in March 2010

• Tendering in consortium with other regional operators

� Well costs estimated at US$70mm per well

Work Work ProgrammeProgramme

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Denis Clement Director

27+ years experience in corporate finance, law and management

Director of a number of public and private resource companies

John Cullen Co-founder and Director

27+ years experience

Co-founder and Director of Candax Energy Inc. and Southeast Asia Mining Corp.

Edris K. Dookie Co-founder CGX Energy

Executive VP of CGX Resources and President of ON Energy

Adrian Jackson Independent Director

Equity Analyst with Investec Asset Management based in London, UK

Oliver Lennox-King Independent Director

Chairman of the Board of Fronteer Development and Aurora Energy Resources

Charlotte May Investor Relations

20+ years experience in the institutional brokerage industry focused on junior oil and gas companies

Other Directors and OfficersOther Directors and Officers

March 2010

(TSX(TSX--V: OYL)V: OYL)www.cgxenergy.comwww.cgxenergy.com