NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAWS.


Challenger Energy Corp ("Challenger") (TSX VENTURE:CHQ) (AMEX:CHQ), announced
today that it has filed and received a receipt for a preliminary short form
prospectus in respect of an equity financing (the "Offering"), on a
"commercially reasonable efforts" basis, of a minimum of $44.0 million of units
of Challenger (the "Units"), each Unit being comprised of one common share of
the Corporation and one-half of one common share purchase warrant exercisable
for a period of 12 months following the closing of the Offering. The issue price
of the Units to be sold in connection with the Offering will be determined in
the context of the market. The Offering will be conducted by a syndicate of
agents (the "Agents") led by Blackmont Capital Inc. and also including Thomas
Weisel Partners Canada Inc. and Wolverton Securities Ltd. The Agents have the
option, exercisable for a period of 30 days following the closing of the
Offering, to increase the Offering by up to an additional fifteen (15%) percent
of the total number Units sold at the issue price.


Challenger Energy Corp. is participating in a three well exploration program on
Block 5(c) located approximately 60 miles offshore Trinidad. The first well in
the exploration program ("Victory") was a new natural gas discovery that was
made in the first quarter of 2008. The Victory well is capable of producing 150
mmcf/day of sales natural gas and 3,000 barrels per day of condensate. The
second well in the exploration program ("Bounty") was also a new natural gas
discovery and recent production test results indicate that the Bounty well is
capable of producing 200 mmcf/day of sales natural gas. Drilling operations on
the third well in the exploration program ("Endeavour"), located approximately
5.6 miles from the Bounty discovery, are anticipated to commence by the end of
August, 2008. Challenger is paying one third of the costs of the initial
exploration program on Block 5(c) to earn a 25% interest in the production
sharing contact covering Block 5(c). Challenger's partners in the multi-Tcf
resource exploration program include Canadian Superior Energy Inc. and BG
International Limited, a wholly owned subsidiary of the BG Group, plc.


The net proceeds of the Offering will be used by Challenger, as to approximately
forty (40%) percent thereof, to satisfy Challenger's remaining obligations in
respect of the Bounty well, and as to approximately sixty (60%) percent thereof,
to fund Challenger's near term exploration activities in respect of the
Endeavour well.


All securities issued in connection with the Offering will be freely tradable
under applicable securities laws in force in Canada. The Offering is scheduled
to close on or about September 23, 2008 and is subject to certain conditions
including, but not limited to, the receipt of all necessary approvals, including
the approval of the TSX Venture Exchange and AMEX, and completion of due
diligence by the Agents.


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.


This new release is not an offer of securities for sale in the United States.
Securities may not be offered or sold in the United States or to or for the
account or benefit of US persons (as such terms are defined in Regulation S
under the United States Securities Act of 1933, as amended (the "U.S. Securities
Act")), absent registration or an exemption from registration. The securities
offered have not been and will not be registered under the U.S. Securities Act
or any state securities laws and, therefore, may not be offered for sale in the
United States, except in transactions exempt from registration under the U.S.
Securities Act and applicable state securities laws.