CGX Energy Files June 30, 2026 Financial Statements and Announces Changes to the Board of Directors

Toronto, Ontario--(Newsfile Corp. - August 14, 2026) - CGX Energy Inc. (TSXV: OYL) (" CGX " or the " Company ") announced today the release of its unaudited condensed interim consolidated financial statements for the six-month period ended June 30, 2026, together with its Management's Discussion and Analysis. These documents will be available on the Company's website at www.cgxenergy.com and on SEDAR+ at www.sedarplus.ca . All amounts in this press release are stated in United States dollars unless otherwise indicated. Board of Directors Update Mr. René Burgos resigned as a director of the Company effective July 1, 2026. On July 23, 2026, the Board appointed Mr. Andrés Sarmiento as a director. Mr. Sarmiento currently serves as Chief Financial Officer of Frontera Energy Corporation and brings more than 15 years of leadership experience in the energy, infrastructure and public policy sectors. The Company thanks Mr. Burgos for his valuable contributions during his tenure and welcomes Mr. Sarmiento to the Board. Berbice River Port Update Grand Canal Industrial Estates Inc. (" GCIE "), a subsidiary of the Company, entered into a port services agreement with a third-party customer effective June 15, 2026, for the use of designated port capacity and six acres of storage at the Berbice River Port. The agreement has an initial term ending July 17, 2027 and provides for a minimum monthly charge of U.S.$64,000, plus applicable value-added tax, and minimum annual throughput of 240,000 metric tonnes, subject to the terms and conditions of the agreement. The agreement also provides for additional charges based on excess throughput and other port-related services. Corentyne License CGX Resources Inc. (" CGX Resources "), a wholly owned subsidiary of the Company, and Frontera Energy Guyana Corp. (" Frontera Guyana ") are joint venture partners in respect of the Corentyne block offshore Guyana (the " Joint Venture "). The Joint Venture holds a 100% working interest in the Corentyne block, with participating interests of 27.48% for CGX Resources and 72.52% for Frontera Guyana. These interests reflect a 4.52% assignment from CGX Resources to Frontera Guyana agreed to in 2023, which remains subject to approval by the Government of Guyana (" GoG ") but is enforceable between the parties. The Joint Venture continues to firmly maintain that its interests in the Corentyne block and the related petroleum agreement remain valid and in good standing. The GoG has reaffirmed its position that the Joint Venture's interests expired on June 28, 2024, a position with which the Joint Venture strongly disagrees. The Joint Venture remains committed to asserting its contractual and legal rights. As previously disclosed, given the ongoing uncertainty regarding the status of the Corentyne license and the Company's ability to access the block, the Company recorded a full impairment of the Corentyne exploration and evaluation asset during 2025. The full impairment of the Corentyne exploration and evaluation asset recorded during 2025 remains unchanged as at June 30, 2026. The impairment represents an accounting assessment under IFRS and does not determine the legal status of the Joint Venture's rights. The Company will provide further updates as developments occur. Prospector Dispute The Company is a party to an ongoing legal matter with Prospector PTE Ltd. (" Prospector "), which is seeking to enforce a court judgment against the Company in the provinces of Ontario and Alberta arising from arbitral awards issued by the International Chamber of Commerce in 2018. Prospector continues to pursue enforcement of the judgment against the Company in Canada, including seeking to take possession of the shares of certain subsidiaries. The Company has reviewed the enforcement actions taken by Prospector and continues to assess and pursue the legal options available to protect its interests. About CGX CGX is a Canadian company engaged in the ownership and operation of the Berbice River Port and related logistics facilities in Guyana, as well as the management of its oil and gas interests 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 RELEASE. Cautionary and Forward-Looking Statements: This press release contains forward-looking information within the meaning of applicable Canadian securities laws ("forward-looking information"). Forward-looking information relates to activities, events or developments that CGX believes, expects or anticipates will or may occur in the future and includes, without limitation, statements regarding the posting and availability of the Company's unaudited condensed interim consolidated financial statements and Management's Discussion and Analysis for the six-month period ended June 30, 2026; the status of the license and petroleum agreement re