Challenger Energy Corp.
TSX VENTURE : CHQ

Challenger Energy Corp.

August 07, 2009 14:13 ET

Challenger Energy Corp. Shareholders Approve Plan of Arrangement With Canadian Superior Energy Inc.

CALGARY, ALBERTA--(Marketwire - Aug. 7, 2009) - Challenger Energy Corp. ("Challenger" or the "Company") (TSX VENTURE:CHQ) is pleased to announce that today, at the Company's annual and special meeting of holders of common shares (the "Shareholders"), the Shareholders' approved the arrangement (the "Arrangement") among the Company, Canadian Superior Energy Inc. ("Canadian Superior") and the Shareholders providing for the acquisition by Canadian Superior of Challenger. The Arrangement received strong support with over 99% of the Shareholders voting in favour of the Arrangement. All other annual meeting resolutions were also approved by the Shareholders.

Challenger proposes to effect the Arrangement by way of plan of arrangement under the Canada Business Corporations Act. Once effective, Canadian Superior will acquire all of the outstanding common shares of Challenger in exchange for the issuance of 0.51 of a common share of Canadian Superior for each outstanding common share of Challenger.

The Arrangement is anticipated to close by late September and is subject to, among other things, the approval of the Court of Queen's Bench of Alberta, the receipt of all necessary regulatory and stock exchange approvals and certain closing conditions that are customary for a transaction of this nature.

Further information regarding the Arrangement can be found in Challenger's information circular and proxy statement dated July 10, 2009 which is available at www.sedar.com.

Challenger Energy Corp. is a Calgary, Alberta, Canada based oil and gas exploration company which has an interest in Block 5(c) offshore Trinidad and Tobago. See www.challenger-energy.com for further information on Challenger.

This news release contains forward-looking information, including estimates, projections, interpretations, prognoses and other information that may relate 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Challenger Energy Corp.
    Manjeet Dhillon
    (403) 503-8813
    (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