Challenger Energy Corp. Releases Second Quarter 2008 Financial Results
August 13 2008 - 7:05PM
Marketwired
Challenger Energy Corp. ("Challenger Energy") (TSX VENTURE: CHQ)
(AMEX: CHQ) is pleased to announce the release of its second
quarter 2008 financial results.
SECOND QUARTER 2008 FINANCIAL RESULTS
As at June 30, 2008, Challenger Energy was debt free, cash on
hand was $9.4 million, and working capital deficiency was $7.3
million. As at June 30, 2008, Challenger Energy has funded $39.6
million towards its exploration activities in Trinidad and Tobago
and has accrued an additional $16.7 million in obligations on
drilling work completed to June 30, 2008 on the Block 5(c)
exploration program. The "Management's Discussion and Analysis" and
financial statements for the quarter ended June 30, 2008, can be
viewed in its entirety on SEDAR (System for Electronic Document
Analysis and Retrieval, www.sedar.com).
OPERATIONS IN TRINIDAD
The Company recently announced testing results from the "Bounty"
exploration well, which was drilled to a total depth of
approximately 17,360 feet and encountered gas bearing horizons with
the main targeted zone in the well encountering approximately 200
feet of pay. Initial test results indicate that the "Bounty" well
is capable of producing at a rate of approximately 200 mmcf/d from
this high pressure zone. The results from the "Bounty" well and
interpretations of extensive 3-D seismic data and other data
indicate a natural gas resource potential of up to 2.6 TCF of
natural gas from the tested structure. Operations are now underway
to demobilize the testing equipment, suspend the "Bounty" well for
production at a later date, and move the Kan Tan IV
semi-submersible drilling rig to drill a third exploration well
location on Block 5(c) , the "Endeavour" well, which should spud by
the end of August 2008.
Challenger Energy Corp. is a Calgary, Alberta, Canada based oil
and gas exploration company which is currently focusing on "high
impact" oil and gas plays offshore the Republic of Trinidad and
Tobago. See www.challenger-energy.com for information on
Challenger.
This news release contains forward-looking information,
including estimates, projections, interpretations, prognoses and
other information that may or relates to future production,
resource potential and/or reserves, project start-ups and future
capital spending. Actual results, estimates, projections, resource
potential and/or reserves, interpretations, prognoses and/or
estimated results could differ materially due to changes in project
schedules, operating performance, demand for oil and gas,
commercial negotiations or other technical and economic factors or
revisions. This news release may contain the reference to the term
"undiscovered natural gas resources", which are those quantities of
natural gas estimated to be contained in accumulations yet to be
discovered. There is no certainty that any portion of undiscovered
resources will be discovered and that, if discovered, in this or
any other discovery, the discovered resource may not be
economically viable or technically feasible to produce.
Statements contained in this news release relating to future
results, events and expectations are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements involve known and unknown
risks, uncertainties, scheduling, re-scheduling and other factors
which may cause the actual results, performance, estimates,
projections, resource potential and/or reserves, interpretations,
prognoses, schedules or achievements of the Corporation, or
industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
statements. Such factors include, among others, those described in
the Corporations' annual reports on Form 20-F on file with the U.S.
Securities and Exchange Commission.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Challenger Energy Corp. Suite 200, 744 - 4th Avenue
S.W. Calgary, Alberta, Canada T2P 3T4 Challenger Energy Corp. Dan
MacDonald CEO and President (403) 503-8810 (403) 503-8811 (FAX)
Website: www.challenger-energy.com