Corporate Structure

CGX Energy Inc. has five subsidiaries

(i) CGX Resources Inc., a wholly-owned subsidiary incorporated under the laws of Bahamas; (ii) ON Energy Inc., a corporation subsisting under the laws of Guyana that is 61.85% owned by CGX; (iii) GCIE Holdings, a wholly-owned subsidiary incorporated under the laws of Barbados that owns 100% of the shares of Grand Canal Industrial Estates Inc.; (iv) Grand Canal Industrial Estates Inc., a corporation subsisting under the laws of Guyana that is a wholly-owned subsidiary of GCIE Holdings; and (v) CGX Energy Management Corp., a wholly-owned subsidiary incorporated under the laws of Delaware, United States.

The head and registered office of CGX Resources is located at Mareva House, 4 George Street, Nassau, Bahamas. The head and registered office of ON Energy is located in Guyana at 234 Lance Gibbs and Irving Streets, Queenstown, Georgetown. The head and registered office of GCIE Holdings is located at Worthing Centre, Worthing Main Road, Christ Church, BB 15008, Barbados. The head and registered office of Grand Canal Industrial Estates Inc. is located at 234 Lance Gibbs and Irving Streets, Queenstown, Guyana. The registered office of CGX Energy Management Corp. is located at 1209 Orange St., Wilmington, Delaware, 19801, United States and the head office is located at 810 Highway 6 South, Suite 240 Houston, Texas, 77079, United States.

CGX Resources Inc. holds a 66.667% participating interest in both the Corentyne and Demerara offshore Petroleum Prospecting Licences in the Guyana Basin. ON Energy Inc. holds a 100% participating interest in the Berbice onshore Petroleum Prospecting Licence in Guyana.

The following organizational chart sets forth the corporate structure of CGX, its ownership interest in each subsidiary corporation and interest of each subsidiary in the assets of CGX.

2