Challenger partner receives court order re operatorship

2009-02-12 09:20 EST - News Release

Mr. Dan MacDonald reports

CHALLENGER ENERGY CORP.: OPERATIONS UPDATE

Challenger Energy Corp. is aware that BG International Ltd. has obtained an order of the Court of Queen's Bench of Alberta appointing Deloitte and Touche Inc. as receiver of Canadian Superior Energy Inc.'s position as operator under the Aug. 11, 2007, joint operating agreement between Canadian Superior, BG and Challenger. Challenger is in the process of evaluating the ramifications of the appointment to its continuing operations in Trinidad.

In Stockwatch on Feb. 6, 2009, Challenger announced that the board of directors appointed a special committee of directors with a mandate to undertake a process to evaluate the various strategic alternatives available to the company, including the sale of the company. In this regard, the special committee has retained Peters & Co. Ltd. as its financial adviser to assist in the review process.

We seek Safe Harbor.