Challenger Energy Corp.
AMEX : CHQ
TSX VENTURE : CHQ

Challenger Energy Corp.

February 20, 2008 08:01 ET

Challenger Energy Corp. Announces "Bounty" Well Is Spud, on Block 5(c) Offshore Trinidad

CALGARY, ALBERTA--(Marketwire - Feb. 20, 2008) - Challenger Energy Corp. ("Challenger") (TSX VENTURE:CHQ) (AMEX:CHQ) announced today that the Kan Tan IV semi-submersible drilling rig has spudded the "Bounty" well on the "Intrepid" Block 5(c), offshore Trinidad. Challenger is participating in this well along with its partners: Canadian Superior Energy Inc. (TSX:SNG) (AMEX:SNG) , the operator; and, BG International Limited, a wholly owned subsidiary of the BG Group plc (LSE:BG.L).

The "Bounty" well is located approximately two miles from the recently announced "Victory" natural gas discovery well on the "Intrepid" Block 5(c). Reservoir objectives for the "Bounty" well are sandstone reservoirs similar to the productive zones at "Victory"; and, the nearby Dolphin and Dolphin Deep fields. "Bounty" is planned to be drilled to a total vertical depth of approximately 18,000 feet; water depth at the location is approximately 1,000 feet.

Challenger is a Calgary, Alberta 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 Challenger's website at www.challenger-energy.com for information on Challenger.

Canadian Superior is a Calgary, Alberta, Canada based oil and gas exploration and production company with operations Offshore Trinidad and Tobago, Offshore Nova Scotia, Canada and in Western Canada. (See Canadian Superior's website at www.cansup.com for information on Canadian Superior).

BG Group plc (LSE: BG.L) is a world leader in natural gas, with a strategy focused on connecting competitively-priced resources to specific, high-value markets. Active in 27 countries on five continents, BG Group has a broad portfolio of exploration and production, Liquefied Natural Gas (LNG), transmission and distribution and power generation business interests. It combines a deep understanding of gas markets with an excellent track record in finding and commercialising reserves. (See www.bg-group.com for information on BG Group plc).

This news release contains forward-looking information, including estimates, projections, interpretations, prognoses and other information that may relate to current, past or future production, development(s), testing, well test results, project start-ups and future capital spending. Current, past and/or future actual results, and/or reported results, estimates, projections, interpretations, prognoses, well results, test results, reserves, production, resource and/or resource potential, development(s), project start-ups, and capital spending, plans 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 terms discovery, reserves and/or resources or resource potential which are those quantities estimated to be contained in accumulations. There is no certainty that any portion of these accumulations or estimated accumulations in this news release may not change materially; and that, if discovered, in any discovery, the accumulations or estimated accumulations may not be economically viable or technically feasible to produce.

Statements contained in this news release relating to estimates, 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, 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.

Contact Information

  • Challenger Energy Corp.
    Dan MacDonald
    CEO and President
    (403) 503-8810
    (403) 503-8811 (FAX)
    or
    Challenger Energy Corp.
    Suite 200, 744 - 4th Avenue S.W.
    Calgary, Alberta, Canada T2P 3T4
    Website: www.challenger-energy.com