We study a Szilard engine based on a Gaussian state of a system consisting of two bosonic modes placed in a noisy channel. As the initial state of the system is taken an entangled squeezed thermal state, and the quantum work is extracted by performing a measurement on one of the two modes. We use the Markovian Kossakowski-Lindblad master equation for describing the time evolution of the open system and the quantum work definition based on the second order Rényi entropy to simulate the engine. We also study the information-work efficiency of the Szilard engine as a function of the system parameters. The efficiency is defined as the ratio of the extractable work averaged over the measurement angle and the erasure work, which is proportional to the information stored in the system. We show that the extractable quantum work increases with the temperature of the reservoir and the squeezing between the modes, average numbers of thermal photons and frequencies of the modes. The work increases also with the strength of the measurement, attaining the maximal values in the case of a heterodyne detection. The extractable work is decreasing by increasing the squeezing parameter of the noisy channel and it oscillates with the phase of the squeezed thermal reservoir. The efficiency mostly has a similar behavior with the extractable quantum work evolution. However information-work efficiency decreases with temperature, while the quantity of the extractable work increases.