CGX Energy Announces Adoption of Quarterly Reporting Exemption Under Coordinated Blanket Order 51-933

Rhea-AI Summary

CGX Energy (OTC:CGXEF) said it will adopt the semi-annual reporting pilot under Coordinated Blanket Order 51-933, moving from quarterly to semi-annual interim filings.

CGX will skip interim filings for the three-month period ending Mar 31, 2026 and the nine-month period ending Sep 30, 2026, while continuing annual audited and six-month interim reports.

Positive

• Reduces administrative burden and reporting costs
• Will file audited annual statements within 120 days of Dec 31
• Will file six-month interim statements within 60 days of Jun 30

Negative

• No interim filings for the three-month period ending Mar 31, 2026
• Less frequent interim financial disclosure may reduce short-term transparency for investors

News Market Reaction – CGXEF

+2.44%

+2.44% Session close to close

In the Apr 30 session, CGXEF gained 2.44%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Toronto, Ontario--(Newsfile Corp. - April 30, 2026) - CGX Energy Inc. (TSXV: OYL) ("CGX" or the "Company") today announced its intention to adopt the policies outlined in the semi-annual financial reporting pilot program ("SAR Pilot Program") and exemptions provided under Coordinated Blanket Order 51-933 Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers (the "Blanket Order").

The SAR Pilot Program is implemented under the Blanket Order, which allows eligible venture issuers to voluntarily move from quarterly to semi-annual financial reporting. By adopting the SAR Pilot Program, CGX aims to reduce the administrative burden and associated costs of quarterly reporting.

In reliance of the Blanket Order, CGX will not file interim financial statements and related management discussion and analysis ("MD&A") for the three-month period ending March 31, 2026, and nine-month period ending September 30, 2026. CGX will continue to file audited annual financial statements and MD&A (due within 120 days of December 31) and six-month interim financial statements and MD&A (due within 60 days of June 30).

CGX confirms it meets the SAR Pilot's eligibility criteria, which include being a venture issuer with annual revenues of less than $10 million and maintaining a clean 12-month continuous disclosure record. CGX remains committed to timely disclosure and will continue to report all material changes and significant developments as required under National Instrument 51-102 - Continuous Disclosure Obligations.

This news release is being filed pursuant to the Blanket Order.

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.

About CGX

CGX is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin and the operation and development of a port in Berbice, Guyana.

Cautionary and Forward-Looking Statements:

This press release contains forward‐looking information within the meaning of Canadian securities laws. Forward‐looking information relates to activities, events or developments that CGX believes, expects or anticipates will or may occur in the future. Forward‐looking information in this press release includes, without limitation, the ability of CGX to rely on the Blanket Order; the timing of the filing of future financial disclosure. Forward‐looking information reflects the current expectations, assumptions and beliefs of CGX based on information currently available to it and considers the experience of CGX and its perception of historical trends. Although CGX believes that the assumptions inherent in the forward‐looking information are reasonable, forward‐looking information is not a guarantee of future performance and accordingly undue reliance should not be placed on such information.

For further information, please contact:
Daniel Sanchez
Interim Chief Executive Officer and Chief Financial Officer
CGX Energy Inc.
Email: info@cgxenergy.com
Website: www.cgxenergy.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/295190

FAQ

What change did CGX Energy (CGXEF) announce about its financial reporting schedule?

CGX will move from quarterly to semi-annual interim reporting under the SAR Pilot Program, skipping specific quarter filings. According to the company, this exempts interim filings for the three-month period ending Mar 31, 2026 and the nine-month period ending Sep 30, 2026.

How will CGXEF report audited and interim statements after adopting the Blanket Order?

CGX will continue to file audited annual financial statements and MD&A within 120 days of Dec 31. According to the company, six-month interim financial statements and MD&A remain due within 60 days of Jun 30.

Why is CGX Energy (CGXEF) eligible for semi-annual reporting under the SAR Pilot?

CGX meets the pilot criteria as a venture issuer with annual revenues under $10 million and a clean 12-month disclosure record. According to the company, those thresholds satisfy the SAR Pilot Program eligibility requirements.

Will CGXEF still disclose material developments while on semi-annual reporting?

Yes. CGX says it will continue to report all material changes and significant developments as required under continuous disclosure rules. According to the company, timely material disclosure obligations remain unchanged by the exemption.

When does the semi-annual reporting exemption affect CGX Energy's filing obligations in 2026?

The exemption removes interim filings for Mar 31, 2026 and Sep 30, 2026 periods but keeps the June 30 six-month filing. According to the company, annual audited statements remain due within 120 days of Dec 31, 2026.