CHX Charger Energy Corp

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UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAWS.


Charger Energy Corp. ("Charger", the "Company") (TSX VENTURE:CHX) announces the
granting of incentive stock options to officers, employees and consultants and
the addition of natural gas price hedges.


Incentive Stock Option Grant

Charger has granted options to purchase a total of 3,875,000 Class A shares of
the company, pursuant to the Company's stock option plan. Officers of Charger
were granted options to purchase 2,250,000 shares, with the remainder granted to
employees and consultants. Each option entitles the holder the right to acquire
one Class A share of the Company at an exercise price of $1.00 per share and
will expire five years from the date of issue and vest one third each year for
three years, beginning one year from the grant date. These incentive stock
options are a key component in Charger's overall compensation package, and are
utilized to attract and retain top performing individuals. Charger's closing
price on the TSX Venture Exchange on April 30, 2012 was $0.83 per share.


Natural Gas Commodity Price Hedges

Charger's commodity price hedging program is designed to reduce cash flow
volatility related to commodity prices as well as provide downside price
protection in the event of further declines in natural gas prices over the next
twelve months.


The Company has recently entered into the following natural gas commodity price
hedges: 




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Product                      Volume   Contract Price                   Term 
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Swap (fixed price)(1)    5,000 gj/d      $2.055 / gj   May 1/12 - Apr 30/13 
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Put Option (floor                                                           
 price)(1)(2)            3,000 gj/d       $1.80 / gj   May 1/12 - Mar 31/13 
----------------------------------------------------------------------------
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(1) Settled against AECO monthly index                                      
(2) Deferred premium of $0.17 / gj                                          



The natural gas volumes hedged as of May 1, 2012 represent approximately 60% of
Charger's current natural gas production.


Charger's strategy is to grow shareholder value by focusing primarily on
acquiring, developing and producing light oil resource plays in Western Canada
using horizontal drilling and multi-stage fracturing technology. The Company is
pursuing a growth strategy focused on building a large undeveloped land base and
drilling inventory through a combination of strategic acquisitions, farm-ins and
crown land acquisitions. 


About Charger Energy Corp.

Charger is a Calgary, Alberta based crude oil and natural gas company that
trades on the TSX Venture Exchange under the symbol "CHX". The Company is
committed to maximizing value for its shareholders through successful drilling
of internally-generated light oil prospects and by pursuing strategic property
and corporate acquisitions with light oil potential using new completion
technology. The Company has operated, high working interest, light oil and
natural gas assets in the Halkirk-Provost and Ghost Pine areas of east central
Alberta as well as the Peace River Arch area of north western Alberta.


Reader Advisory and Note Regarding Forward Looking Information

This news release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws. These statements
relate to future events or future performance. All statements other than
statements of historical fact may be forward-looking statements or information.
Forward-looking statements and information are often, but not always, identified
by the use of words such as "appear", "seek", "anticipate", "plan", "continue",
"estimate", "approximate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should", "believe",
"would" and similar expressions. More particularly and without limitation, this
news release contains forward-looking statements and information concerning the
expected results of the Arrangement; the Company's petroleum and natural gas
production and reserves; drilling opportunities; management team; business
strategy; future development and growth opportunities; prospects; asset base;
anticipated benefits from the Arrangement; value and debt levels; and capital
programs. The forward-looking statements and information are based on certain
key expectations and assumptions made by the management of the Company,
including expectations and assumptions concerning prevailing commodity prices
and exchange rates, applicable royalty rates and tax laws; future well
production rates and reserve volumes; the timing of receipt of regulatory
approvals; the performance of existing wells; the success obtained in drilling
new wells; the sufficiency of budgeted capital expenditures in carrying out
planned activities; and the availability and cost of labour and services.
Although management of the Company believes that the expectations and
assumptions on which such forward looking statements and information are based
are reasonable, undue reliance should not be placed on the forward-looking
statements and information since no assurance can be given that they will prove
to be correct. 

Forward-looking information is provided for the purpose of providing information
about the current expectations and plans of management of the Company relating
to the future. Readers are cautioned that reliance on such information may not
be appropriate for other purposes, such as making investment decisions. Since
forward-looking statements and information address future events and conditions,
by their very nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated due to a number
of factors and risks. These include, but are not limited to, the risks
associated with the oil and gas industry in general such as operational risks in
development, exploration and production delays or changes in plans with respect
to exploration or development projects or capital expenditures; the uncertainty
of reserve estimates; the uncertainty of estimates and projections relating to
reserves, production, costs and expenses; health, safety and environmental
risks; commodity price and exchange rate fluctuations, marketing and
transportation, loss of markets, environmental risks, competition, incorrect
assessment of the value of acquisitions, failure to realize the anticipated
benefits of acquisitions, ability to access sufficient capital from internal and
external sources, failure to obtain required regulatory and other approvals and
changes in legislation, including but not limited to tax laws, royalties and
environmental regulations. There are risks also inherent in the nature of the
Arrangement, including failure to realize anticipated synergies or cost savings;
risks regarding the integration of the four entities and incorrect assessments
of the values of each entity. Accordingly, readers should not place undue
reliance on the forward-looking statements, timelines and information contained
in this news release. Readers are cautioned that the foregoing list of factors
is not exhaustive. The forward-looking statements and information contained in
this news release are made as of the date hereof and no undertaking is given to
update publicly or revise any forward-looking statements or information, whether
as a result of new information, future events or otherwise, unless so required
by applicable securities laws.


This press release shall not constitute an offer to sell, nor the solicitation
of an offer to buy, any securities in the United States, nor shall there be any
sale of securities mentioned in this press release in any state in the United
States in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.

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