Challenger Energy Corp. Obtains Court Order for CCAA Protection

CALGARY, ALBERTA--(Marketwire - Feb. 27, 2009) - Challenger Energy Corp. ("Challenger" or "Company") (TSX VENTURE:CHQ) (NYSE Alternext US:CHQ) announces that it obtained an order today from the Court of Queen's Bench of Alberta, Judicial District of Calgary for protection under the Companies' Creditors Arrangement Act (Canada). Alger & Associates Inc. was appointed monitor under the order. Subject to the order, proceedings by creditors and others cannot be continued or commenced without the consent of Challenger and the monitor, or leave of the court. A copy of the order will be made available on the monitor's website.

The order permits Challenger to remain in possession and control of its property, carry on its business, retain employees and other service providers and continue with its previously announced process to evaluate the various strategic alternatives available to the Company, including a sale of Challenger or its assets. A special committee of directors was appointed to oversee this process and Peters & Co. Limited was retained as financial advisor.

Challenger Energy Corp. is a Calgary, Alberta, Canada based oil and gas exploration company which has spent approximately U.S. $81.4 million on exploration Block 5(c) offshore Trinidad and Tobago. See www.challenger-energy.com for 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, as well as the outcome of proceedings under the Companies' Creditors Arrangement Act (Canada). 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.