Churchill Energy Inc.
TSX VENTURE : CEI

Churchill Energy Inc.

April 28, 2008 17:14 ET

Churchill to Explore Strategic Alternatives

CALGARY, ALBERTA--(Marketwire - April 28, 2008) - Churchill Energy Inc. (TSX VENTURE:CEI) ("Churchill" or the "Corporation") announces that it has formed a special committee of independent directors to explore strategic alternatives to maximize shareholder value and has retained Tristone Capital Inc. as its exclusive financial advisor to assist in this process. This may involve the sale of the Corporation, an amalgamation or merger, a reorganization or such other transaction that is considered to be in the best interests of the Corporation and its shareholders. The special committee is comprised of Steve Fitzmaurice, Mike Shaikh and Kevin Stangeland. Churchill cautions shareholders that any transaction may be subject to regulatory and/or shareholder approval and that there is not assurance that the review will result in any specific transaction and no timetable has been set for its completion. Churchill does not expect any disruption to its daily operating activities as a result of this decision.

In addition Churchill today filed its reserves data and other oil and gas information for the year ended December 31, 2007, as mandated by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators. Copies of this information may be obtained on www.sedar.com.

Churchill is a Calgary-based junior oil and natural gas company with operations in Alberta and Saskatchewan. The common shares of Churchill are listed on the TSX Venture Exchange and trade under the symbol "CEI".

Forward Looking Statements: Certain information regarding Churchill in this news release including management's assessment of future plans and operations, production estimates, drilling inventory and wells to be drilled, timing of drilling and tie-in of wells, productive capacity of new wells, capital expenditures and the timing thereof, may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, the timing and length of plant turnarounds and the impact of such turnarounds and the timing thereof, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence Churchill's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or, if any of them do so, what benefits Churchill will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could effect Churchill's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), at Churchill's website (www.churchillenergy.ca). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Churchill does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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