CGX ENERGY INC. CGXEF
CGX ENERGY INC. CGXEF
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Type: Stocks
Ticker: CGXEF
ISIN: CA1254055066

CGX Energy and Frontera Announce Closing of Shares for Debt Transaction

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Toronto, Ontario--(Newsfile Corp. - December 20, 2018) - CGX Energy Inc. (TSXV: OYL) ("CGX") and Frontera Energy Corporation (TSX: FEC) ("Frontera") announced today that, further to their news release of December 17, 2018, CGX has issued 5,714,285 common shares in the capital of the Company (the "Shares") to Frontera to settle a total of US$1.2 million in debt. For further details on this transaction, please see our December 17 press release.

All of the Shares are subject to a statutory hold period expiring on April 21, 2019 in accordance with applicable securities legislation.

About CGX Energy:

CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

About Frontera:

Frontera Energy Corporation is a Canadian public company and a leading explorer and producer of crude oil and natural gas, with operations focused in Latin America. The Company has a diversified portfolio of assets with interests in more than 30 exploration and production blocks in Colombia and Peru. The Company's strategy is focused on sustainable growth in production and reserves. Frontera is committed to conducting business safely, in a socially and environmentally responsible manner. Frontera's common shares trade on the Toronto Stock Exchange under the ticker symbol "FEC".

If you would like to receive News Releases via e-mail as soon as they are published, please subscribe here: http://fronteraenergy.mediaroom.com/subscribe.

FOR FURTHER INFORMATION:

Frontera:

Grayson Andersen
Corporate Vice President, Capital Markets
+57-314-250-1467
[email protected]
www.fronteraenergy.ca

CGX:

Brooks Lyons
Manager, Commercial & Business Development
+1-832-300-3200
[email protected]
Tralisa Maraj, Chief Financial Officer
+1-832-300-3200

Newsfile Corp.
Newsfile Corp.

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