CHX Charger Energy Corp

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Conversion of natural gas volumes to barrels of oil equivalent (boe) are at 6:1. 

Charger Energy Corp. ("Charger", the "Company") (TSX VENTURE:CHX) announces its
unaudited interim financial and operating results for the quarter ended March
31, 2012. Charger has filed interim Financial Statements and Management's
Discussion and Analysis on www.sedar.com and on the Company's website at
www.chargerenergy.com.


Activities and Results for the First Quarter of 2012



--  Closed strategic four-company business combination, creating a publicly
    traded company with a large, light oil focused land base and drilling
    inventory in the Viking resource play in the Halkirk-Provost area of
    Alberta (see 'Plan of Arrangement' below); 
--  Capital spending totalled $10.8 million during the first quarter of 2012
    and was focused primarily on development of the Viking light oil play in
    the Halkirk-Provost core area where the Company successfully drilled 2
    and completed and equipped 5 horizontal oil wells during the quarter; 
--  As a result of encouraging initial drilling results and the acquisition
    of the Silverback lands, Charger has moved to infill drilling in 3 high
    priority Viking oil prone areas at Halkirk, Neutral Hills and Consort; 
--  The Company has achieved stabilized 30-day production rates ranging from
    80 to 140 boe/d per well from several recent wells in the Neutral Hills
    and Consort areas that were placed on production in late 2011 and the
    first quarter of 2012; 
--  Commenced drilling a 4 well pad at Neutral Hills in March which is
    expected to be completed, equipped, tied-in and placed on production by
    mid-June 2012. The Company is very encouraged by the initial production
    rates from these new wells which are consistent with Charger's previous
    successful results in the Neutral Hills area; and 
--  First quarter exit production was approximately 3,250 boe/d (30% oil and
    liquids), reflecting encouraging results in the Halkirk-Provost area
    offsetting production declines at Wapiti.



Plan of Arrangement

On March 6, 2012, Charger completed a business combination by way of a plan of
arrangement ("the Arrangement") with Seaview Energy Inc. ("Seaview"), Silverback
Energy Ltd. ("Silverback") and Sirius Energy Inc. ("Sirius") whereby Charger,
Silverback and Sirius (all private companies) exchanged all of their issued and
outstanding shares for Class A shares of Seaview. On completion of the
Arrangement, the resulting entity was renamed Charger Energy Corp. The Class A
shares outstanding upon closing of the Arrangement totaled approximately 67.3
million. 


The Arrangement was considered a "reverse takeover" transaction under applicable
securities legislation, and as a result, Charger became the reporting issuer. As
such, results for the first quarter of 2012 are presented on a standalone basis
from January 1 to March 5, 2012 and from March 6 to March 31, 2012, incorporate
the Arrangement and the combined financial and operating results for the four
companies. Additional details concerning the Arrangement are included in the
Joint Information Circular of Charger, Seaview, Silverback and Sirius dated
February 2, 2012 which is filed on SEDAR at www.sedar.com.


Outlook

Charger expects to commence producing 4 new Viking horizontal wells in the
Neutral Hills area in June. These wells have been drilled and completed and are
currently being equipped and tied in. The Company is also constructing a
multi-well battery at Neutral Hills which will provide 4,000 bbl/d of processing
capacity for Charger's Viking light oil production in the area.


Charger has identified 3 high priority development areas at Neutral Hills,
Consort and Halkirk within the Viking light oil resource play based on promising
initial drilling results. In the Neutral Hills and Consort areas, the Company
has drilled several wells with 30-day stabilized production rates of 80 to 140
boe/d. As a result of this initial success, development has moved to multi-well
pads which are intended to enhance capital efficiencies and to optimize
development of the Viking play. The Company has identified approximately 100
sections (64,000 net acres) which are highly prospective for Viking light oil
development from its extensive land position in the Halkirk-Provost area.


Charger will focus its 2012 capital program in the Halkirk-Provost area on
Viking light oil development opportunities. The Company will also continue to
evaluate strategic acquisition and capital market opportunities and monitor
commodity market conditions, in order to prudently manage capital spending and
financial resources in the best interest of shareholders. Management may choose
to revise its $60 million 2012 capital program in the context of such
evaluation. 


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.


Barrel of oil equivalents or BOEs may be misleading, particularly if used in
isolation. A BOE conversion ratio of 6 mcf: 1 bbl is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead. As the value ratio between
natural gas and crude oil based on the current prices of natural gas and crude
oil is significantly different from the energy equivalency of 6:1, utilizing a
conversion on a 6:1 basis may be misleading as an indication of value.


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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