Global Express Energy Inc.

Challenger Energy Corp.

Challenger Energy Corp.

August 29, 2005 17:21 ET

Global Express Energy Inc. Enters into Amalgamation Agreement with Challenger Energy Corp.

CALGARY, ALBERTA--(CCNMatthews - Aug. 29, 2005) - Global Express Energy Inc. (NEX BOARD:GXE.H) ("Global Express" or the "Company") is pleased to announce that it has today signed a definitive amalgamation agreement with Challenger Energy Corp. ("Challenger") pursuant to which Global Express and Challenger will amalgamate and each of the Global Express and Challenger shareholders will receive one common share of the amalgamated company for each one common share of Global Express and Challenger held by them. In order to effect the amalgamation, Global Express will also be asking its shareholders to also approve a continuation of the company under the Canada Business Corporations Act. Meetings of the Global Express and Challenger shareholders to approve the amalgamation will be held towards the end of October 2005.

Investors are cautioned that, except as disclosed in the publicly disseminated press releases of the Company and the management information circular to be prepared in connection with the amalgamation, any information released or received with respect to the proposed amalgamation may not be accurate or complete and should not be relied upon. Trading in the securities of Global Express should be considered highly speculative at this time based on the information contained herein. Trading in the shares will remain halted until such time as Acumen Capital Finance Partners Limited, the sponsor for the transaction, has completed the preliminary due diligence on the proposed transaction in accordance with the rules of the TSX Venture Exchange.

Cautionary Statements

The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. The Company disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

The TSX Venture Exchange has in no way passed upon the merits of the proposed amalgamation and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Global Express Energy Inc.
    Mr. John Mackay
    President and Director
    (403) 619-3637
    (403) 234-9978 (FAX)
    Global Express Energy Inc.
    306, 908 - 17th Avenue SW
    Calgary, Alberta T2T 0A5
    Challenger Energy Corp.
    Mr. Neil Mackenzie
    President, Chief Executive Officer and Director
    (403) 974-8506
    (403) 216-2374 (FAX)
    Challenger Energy Corp.
    Suite 3300, 400 - 3rd Avenue S.W.
    Calgary, Alberta T2P 4H2