Peters & Co Limited

2010 North AmericanOil & Gas Conference

September 2010

Billion Barrel Resource Potential

Offshore Guyana

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Forward Looking Statements & Resource Disclosure

Forward 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, drilling plans, and the future plans and objectives of CGX Energy Inc. (“CGX”) 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. With respect to forward-looking statements contained in this presentation, CGX has made assumptions regarding, among other things: commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the price of petroleum; the impact of increasing competition; conditions in general economic and financial markets; access to capital; availability of drilling and related equipment; effects of regulation by governmental agencies; royalty rates and future operating costs. 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, including under “Risk Factors” in CGX’s prospectus with respect to the offering described herein.

Resource Disclosure - The independent resource estimates with respect to CGX's Corentyne PPL have been prepared by Gustavson Associates LLC in accordance with NI 51-101 in a report dated March 3, 2010 with an effective date as of February 1, 2010. Prospective resources are those quantities of oil and gas estimated to be potentially recoverable from undiscovered accumulations. If discovered, there is no certainty that it will be commercially viable to produce any portion of the prospective resources. However, there is no certainty that the prospective resources will be discovered. For further information about the prospective resource estimates contained herein see CGX's annual information form dated May 7, 2010 which is available to the public at www.sedar.com. Certain information contained herein is considered "analogous information" as defined NI 51-101 such as the estimate of original oil in place with respect to the Tambaredjo and Calcutta fields onshore in Suriname. Such analogous information has not been prepared in accordance with NI 51-101 and the Canadian Oil and Gas Evaluation Handbook and CGX is unable to confirm whether such estimates have been prepared by a qualified reserves evaluator. The information has been provided to show that the Guyana Suriname basin in which CGX has an interest has a proven hydrocarbon system.

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Executive Summary

CGX Drilling in Highly Prospective Basin with Proven Hydrocarbon System• Committed to two wells in next 12 months

• $27 mm working capital; pursuing JV partners

CGX Testing Multi-Billion Barrel Potential• Corentyne/Eagle – Independent Resource Assessment

0.3 billion barrels in Eocene

1.3 billion barrels in Upper Turonian1.2 billion barrels in Lower Turonian

• Georgetown/Jaguar – Tullow resource estimate0.7 billion boe in Upper Turonian

• CGX has 16 prospects and leads, including Albian

Exploration of Emerging Equatorial Atlantic Margin Play• West African – Turonian and Campanian discoveries from Ghana to Sierra Leone • Brazil – OGX’s shelf margin Albian/Aptian carbonate discoveries

• Guyana/Suriname Basin – six wells to be drilled in next 12 months• CGX surrounded by major companies

Exxon, Total, Shell, Tullow, Repsol, Murphy, Noble, Inpex, YPF

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Six Wells Testing Basin Six Wells Testing Basin Starting Q4 2010Starting Q4 2010

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Light oil at Abary well typed to biodegraded oil onshore Suriname

Proven Hydrocarbon System Proven Hydrocarbon System

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CGX Drilling Two Wells in 2011(7.8 mm acres gross; 6.2 mm net)

Georgetown Jaguar 25% WI(Repsol 15%, YPF 30%, Tullow 30%)• Turonian Prospect

Spud H1 2011TD 6,500 metresCost ~ US$80 million

1 billion barrel potential

Corentyne Eagle 100% WI • Eocene Prospect

Spud 2011

TD 3,500 metresCost ~ US$35 million300 million barrel potential

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Depositional Model for Turonian

Berbice Canyon

• 25 km across

• 1.3 km deep

Turonian Prospect Dimensions

• Areal extent ~ 200 sq km

• Thickness ~ 400 m

Richards, Bating, Bowman, 1998

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Corentyne Incised Valley Funnels Sands on to Slope (Turonian/Campanian)

Eagle LocationA B

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Jaguar Well to Test Turonian TrendEagle Well to Test Eocene Trend

Primary Prospects (3D Mapping)

• Turonian Basin Floor Fan

Jubilee Analogy

• Eocene Turbidites

Leads

• Maastrichtian Sand

Abary Blowout

• Campanian Turbidite

Venus Analogy

• Albian/Aptian Carbonate

OGX Analogy Brazil

Period Age

10Source: Gustavson Associates March 2010

Corentyne PPL 100% CGXThree Prospects and Five Leads

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$/bbl

Wellhead Price $83.66

Operating Cost $5.37

Capital Cost $2.20

Government of Guyana Take $40.71

Netback $35.38

NPV10 $15.82

NPV20 $7.94

Probability of Success ~1:5

NPV10 Risked $3.17

NPV20 Risked $1.59 Floating Production Storageand Offloading Vessel

Source: Gustavson Associates January 2008

Metrics of Success

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Note:

CGX continues to pursue funding through Joint Venture which would reduce the current 25% interest in Georgetown Jaguar and 100% interest in Corentyne Eagle in this scoping valuation.

Prospect ValuationP50 Resource Estimate – NPV20

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13-5/8”Riser

Well Head

Mud line

Drilling Considerations

Atwood Beacon expected in basin late October

Drilling two wells for Murphy and one for Inpex before drilling Jaguar

Water depth ~80 metres

Jackup rigs utilize a dry BOP Stack

The wellhead riser extends from the sea bed wellhead to the surface BOP

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Key Management Overview

Kerry SullyPresident CEO and Director

• 40 years experience• Former CEO and Director of Ranchmen’s Resources• Reserve assessments include Iran 1975• Financial modeling Texaco Exploration 1970-73• B.Sc. Chemical Eng, University of Saskatchewan

James Fairbairn, C.A., ICD.DCFO

• 20 years experience with publicly-traded companies• Officer of Claim Post Resources and Treasury Metals• Director Canada Lithium and Trelawney Mining and

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

Accountant

John ClarkeVP, Business Development

• 35 years experience - E&P with Texaco and Candax; O&G Analyst with Deutsche Bank and Octagon

• B.Sc. Physics, Birmingham University• M.Sc. Imperial College• B.A. English, University of Calgary

Warren WorkmanVP, Exploration

• 35 years experience • Previously with Amoco, Unocal and Ranchmen’s• B.Sc. Geology, Queen’s University, Ontario

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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 former director of Candax Energy Inc. and director of a number of public and private resource companies

Edris K. Dookie Co-founder

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

Charlotte May Investor Relations

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

Other Directors and Officers

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(TSX-V: OYL)168 mm shares o/s177 mm shares f/d

www.cgxenergy.com

Billion Barrel Resource Potential

Offshore Guyana