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Annual & Special Meeting of Shareholders June 28, 2012

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Forward Looking Statements and 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 and DeGolyer and MacNaughton in accordance with National Instrument 51-101 (“NI 51-101”) in reports dated effective May 17, 2012 and June 15, 2011, respectively. 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 31, 2011 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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n Pacific Rubiales Energy Corp. (PRE) only five years old • Very strong technically • Ability to move quickly

n PRE - exploration and production focused in Columbia • Largest Independent E&P company in Colombia • Second largest producer to EcoPetrol • Expanding into Peru, Guatemala, Papua New Guinea

n Reserves grew 50% in 2011 to 407 mmbbls (Proved plus Probable)

n Production growing >20% per year from ~86,000 boe per day

n 2012 Capital Budget of $1.2 billion

n Q1 2012 Cash flow >$500 million

n Q1 exploration and appraisal well success rate of 84% on 16 wells

Pacific Rubiales Additional Investment of $30 Million Approved by CGX Shareholders

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n José Francisco Arata Mr. José Arata is the President and Executive Director of Pacific Rubiales. He has over 29 years of experience in mineral and oil exploration in Latin America. He has been working in the Colombian oil industry since 1996. He was CEO and co-founder of Pacific Rubiales Energy Corp. and a co-founder of other publicly traded companies.

Marino Ostos Dr. Marino Ostos Rosales is Senior Vice President, New Areas for Pacific Rubiales. He has a Bachelor in Geosciences and Geological Engineering Degree plus a Masters and Ph.D. in Geological Sciences. Dr. Ostos has over 30 years of experience in hydrocarbons exploration and production in Sub-Andean Basins as well as senior management in public E&P oil and gas companies, including former President and COO of Pacific Stratus Energy.

Dennis Pieters Dr. Dennis Pieters is the Director of Reservoir Engineering for Huber Energy LP. Over a 30-year career, he has worked in senior reservoir engineering positions for a number of major oil E&P companies including Conoco Phillips, Halliburton, Shell Oil, Saudi Aramco and Amoco. In 2003, Dr. Pieters was appointed Subject Matter Expert to the US Army Corps of Engineers to develop the $18.4 billion estimate for rebuilding Iraqi oil infrastructure. He holds a B.Sc. in Geological Engineering, a M.Sc. and a Ph.D. in Petroleum Engineering.

Welcome to Newly Appointed Directors

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Proven Hydrocarbon System in World-Class Basin CGX holds 6.2 million acres (net)

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Deep Water Targets in Present Day Shallow Water

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Multiple Prospects and Leads Identified on Two Licenses

n Primary Prospects • Turonian Basin Floor Fan

Ø Jubilee/Zaedyus Analogies

n Secondary Prospects • Maastrichtian Sand

Ø Abary Kick • Campanian Turbidite

Ø Venus Analogy • Albian/Aptian Carbonate

Ø OGX Analogy Brazil

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Georgetown and Corentyne Wells and Resources

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n CGX was formed in 1998 to explore for oil in Guyana • Work closely with Government of Guyana Ministries and Agencies • Paid Guyana’s legal expenses of $10 million to resolve maritime border with

Suriname • US$200 million spent in last 14 years; US$135 million in last 18 months

n CGX has been the most active explorer in Guyana since 1998 • US$200 million is more than half of expenditure by all parties • Net participation in 2.25 of 3 offshore wells • Operated two 3D seismic programs; participated in the third

n Only E&P Company with Guyanese Directors and Senior Management

n During drilling of Eagle-1 • Employed 80 Guyanese directly and 30 indirectly

CGX Believes in Guyana Oil Potential and its People

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n CGX Drilling in Highly Prospective Basin with Proven Hydrocarbon System • Jaguar-1 well (25%) testing the Turonian geologic zone - well being drilled by

Repsol, as operator, with partners Tullow and YPF

n Multi-Well Potential • Georgetown/Jaguar – Tullow P10 resource estimate

Ø 1.2 billion boe in Upper Turonian • Corentyne/Eagle Deep – Independent P50 Resource Assessment

Ø 2.5 billion barrels in Turonian • Corentyne/Albian – Independent P50 Resources Assessment

Ø 0.3 billion barrels • CGX has more than 10 prospects and leads

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CGX is Confident and Optimistic

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Kerry Sully President, Chief Executive Officer and Director

• 40 years E&P experience • Past President and CEO, CGX and former CEO and Director of

Ranchmen’s Resources • B.Sc. Chemical Engineering, University of Saskatchewan

Michael Stockinger Chief Operating Officer

• 35+ years of E&P drilling operations experience with Murphy Oil, Anadarko Petroleum, Kerr-McGee, Conoco - most recently, Project Manager for Murphy Oil and Remora International

• B. A. Civil Engineering, Stevens Institute of Technology, NJ

Tralisa Maraj Chief Financial Officer

• 15 years experience in international oil industry and public company accounting

• Certified Public Accountant (CPA) licensed in Texas and UK Chartered Certified Accountant (FCCA)

Dewi Jones Executive Vice President, Exploration and General Manager

• 25+ years of E&P technical and management experience in Latin America - most recently, Exploration Manager, Caribbean, Repsol YPF

• B.Sc. Geology, Louisiana State University, LA

John Clarke Vice President, 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, and B.A. English, University of Calgary

Enrique Cuervo Exploration Manager

• 25+ years of E&P technical experience with Hess Co., Remora International, El Paso Co., and Occidental Petroleum with extensive experience in South America

• B.Sc. Geology, National University of Colombia

Management Overview

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Dr. Suresh Narine Chairman

• Senior Professor, Trent University and Guyanese national named in 2011 as one of Canada’s Top 40 Under 40 Leaders • Awarded Guyana / Canada Special Achievement Award

for biofuel technology work

José Arata Director

• President and Executive Director, Pacific Rubiales • 29 years experience in mineral and oil exploration in Latin America

Denis Clement Director

• 27+ years experience in corporate finance, law and management

John Cullen Co-Founder and Director

• 27+ years experience in public markets including 15 years as an investment advisor, 10 with Burns Fry

Dr. Edris K. Dookie Co-Founder

• Director and Executive Vice President, CGX Resources and President, ON Energy

Adrian Jackson Director

• Equity Analyst with Investec Asset Management based in London, UK

Charlotte May Corporate Secretary and Communications Manager

• 15+ years experience in public company administration • 20+ years experience in the institutional brokerage industry focused

on junior oil and gas companies

Dr. Marino Ostos Director

• 30+ years E&P experience • Senior Vice President, New Areas, Pacific Rubiales • Bachelor in Geosciences and Geological Engineering and a Masters

and Ph.D. in Geological Sciences

Dr. Dennis Pieters Director

• 30+ years experience in reservoir engineering • Director of Reservoir Engineering, Huber Energy LP • B.Sc. In Geological Engineering and a M.Sc. and Ph.D. in Petroleum Engineering

Additional Directors and Officers

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Atwood Beacon Jack-up Rig Drilling Jaguar-1 well

Market Facts Exchange | Ticker: TSX-V | OYL Shares outstanding: 326,223,663 Fully-diluted: 343,958,663 Trading price (June 27/12): $0.53 Average 3 month volume: 1,550,120 Market capitalization: $173 million 52 week high | low: $1.55 | $0.29