CGX Energy Files Third Quarter Financial Statements

Toronto, Ontario--(Newsfile Corp. - November 13, 2025) - CGX Energy Inc. (TSXV: OYL) ("CGX" or the "Company") today announced the release of its unaudited consolidated financial statements and Management Discussion and Analysis for the third quarter of 2025 (together, the "Financial Disclosures").

Quarterly-to-Date Highlights:

Working Capital Loan

On November 3, 2025, the Company announced that entered into a Senior Secured Loan Facility (the "Loan") through its subsidiary CGX Resources Inc. ("CRI"), with Frontera Energy Corporation ("Frontera") for $2.5 million to fund CGX's share of corporate working capital and other agreed-upon expenditures. The facility is non-revolving and available for drawdown in tranches of up to $1.9 million over a six-month period following satisfaction of the initial conditions precedent. The Loan, together with accrued interest, is repayable one year after execution (or at a later date at Frontera's discretion) and bears interest at 19.32% per annum, compounding on a monthly basis and payable on the maturity date.

The Loan remains subject to customary conditions, and constitutes a related-party transaction under Multilateral Instrument 61-101, for which the Company is relying on exemptions from the requirements to obtain a formal valuation and minority shareholder approval.

Subsequent to September 30, 2025, on November 5, 2025, CGX drew down and received $1.9 million under the Loan.

License Update

On March 26, 2025, Frontera and its subsidiaries, Frontera Petroleum International Holding B.V. and Frontera Energy Guyana Holding Ltd. ("Frontera Guyana" and together the "Investors"), delivered a Notice of Intent to the Government of Guyana (the "GoG"). In this Notice, the Investors alleged breaches of the United Kingdom-Guyana Bilateral Investment Treaty and the Guyana Investment Act by the GoG. This communication triggered a 90-day consultation and negotiation period intended to resolve the dispute amicably. The parties have been unable to reach a mutual resolution to date.

On November 4, 2025, the GoG, through its counsel, communicated its willingness to participate in a final "Without Prejudice" meeting with the Joint Venture to discuss the matters in dispute. The Government proposed November 25 or December 2, 2025, as possible dates for this meeting. The Company and Frontera (together the "Joint Venture") remains open to engaging in good faith discussions with the Government.