Challenger Energy Corp.: Operations Update
February 12 2009 - 9:00AM
Marketwired
Challenger Energy Corp. ("Challenger" or "Company") (TSX VENTURE:
CHQ)(NYSE Alternext US: CHQ) announces that it is aware that BG
International Limited ("BG") has obtained an order of the Court of
Queen's Bench of Alberta appointing Deloitte and Touche Inc. as
receiver of Canadian Superior Energy Inc.'s ("Canadian Superior")
position as operator under the August 11, 2007 joint operating
agreement between Canadian Superior, BG and Challenger. Challenger
is in the process of evaluating the ramifications of the
appointment to our ongoing operations in Trinidad.
On February 5, 2009, Challenger announced that the Board of
Directors appointed a special committee of directors (the "Special
Committee") with a mandate to undertake a process to evaluate the
various strategic alternatives available to the Company, including
the sale of the Company. In this regard, the Special Committee has
retained Peters & Co. Limited as its financial advisor to
assist in the review process.
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. Forward-looking information contained in this
news release is as of the date of this news release. The Company
assumes no obligation to update and/or revise this forward-looking
information "except as required by law". 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 (oil, natural gas, natural gas
liquids or other hydrocarbons) 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. Dan MacDonald (403) 503-8815
(403) 503-8811 (FAX) Challenger Energy Corp. Suite 200, 744 - 4th
Avenue S.W. Calgary, Alberta, Canada T2P 3T4 Website:
www.challenger-energy.com