CGX Energy Inc. announced that they have completed the loan agreement (the "Loan Agreement") with Frontera Energy Corporation ("Frontera") related to the USD 19 million loan (the "Loan") previously announced on April 16, 2021, that will enable CGX Energy to continue to finance its share of costs related to the Corentyne, Demerara and Berbice blocks, the Berbice Deepwater Port, and other budgeted costs. The transactions described herein between CGX Energy and Frontera are related party transactions under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions but are exempt from the obligations to obtain a formal valuation and approval from a minority of shareholders. The material change report to be filed by CGX Energy in connection with this news release will contain the required disclosure regarding such exemptions.