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Government  has repossessed two concessions granted to Canadian-based oil explorer, CGX Energy Inc, (CGX).According to a CGX statement yesterday, its Pomeroon Petroleum Agreement (PA) expired effective November 19, 2012.The Pomeroon PA was issued to Century Guyana,Cheap NFL Jerseys China, Ltd. in November 1997 and was purchased by CGX in January 2004.Additionally, the company’s Georgetown PA expired November 25, 2012.Kerry Sully,Throwback Jerseys, President and CEO of CGXCGX ran into financial problems after two offshore wells…one off Corentyne and another off Georgetown… came up dry last year. The Corentyne concession was fully owned by CGX while the Georgetown block was a partnership drilling with Repsol.CGX ended up owing Repsol Exploración S.A some US$15M,David Njoku Jersey, representing its stakes in the operating expenses to hire a rig, among other things.According to CGX,Wholesale China Jerseys, in relation to the Pomeroon PA, its expense to date is US$2M while US$51M was spent for its Georgetown PA.“As has been reported since 2007, the company has been in discussions with the Government of Guyana regarding modification of the Pomeroon PA that would have extended the PA to November 2013. During these discussions the company was advised that the November 1997 Pomeroon PA reverted to the Government effective November 19, 2012,” CGX disclosed yesterday in a statement.“As a result of these licences having expired in November 2012 and the company’s current uncertainty relating to these licences, the company may record an impairment of the full carrying amounts in its year end 2012 financial statements. In the event that the company secures the renewal of the licences, the Company will revisit any impairment previously recorded,” said Kerry Sully, President and CEO of CGX.Recently, CGX announced that after being faced with enforcement proceedings by Repsol who wanted its money, CGX managed to enter an agreement with GMP Securities L.P. (“GMP”) in connection with a proposed private placement of a minimum of Cdn$35M.CGX also has an agreement with Pacific Rubiales Energy Corp. (“Pacific Rubiales”), another Canadian company and a current shareholder, which could effectively give the latter up to 70 per cent control. There will be a shakeup of the directors and other CGX officers of the Company.However, the deal is subject to approval of the Canadian authorities…TSX Venture Exchange… and other customary closing conditions.According to CGX, approximately US$15M will be used to meet the company’s current default payment obligations owing to Repsol Exploración S.A. (“Repsol”),Alex Delvecchio Red Wings Jersey, Tullow Guyana B.V. and YPF S.A. who were all partners of the Georgetown well.Current Executive Chairman, Dr. Suresh Narine, a Guyanese, will become a nominee of Pacific Rubiales on the new CGX Board of Directors.CGX also said yesterday that Pacific Rubiales intends for CGX to remain a public company after completion of the financing.CGX has licences to explore in the Guyana-Suriname Basin,Jerseys NFL Wholesale, an area in which the United States Geological Survey estimated a Pmean oil resource potential of 13.6 billion barrels in their Assessment of Undiscovered  Conventional Oil and Gas Resources of South America and the Caribbean, 2012.Guyana badly wants its own oil wells, especially  knowing that its neighbours, Suriname and Venezuela, have found oil.