Challenger is now part of Canadian Superior

Canada based oil and gas exploration - Trinidad and Tobago

Message: Challenger Preparing to Commence Flow Testing on 'Endeavour' Well Offshore Trini

Challenger Preparing to Commence Flow Testing on 'Endeavour' Well Offshore Trini

posted on Jan 23, 2009 05:44AM

NYSE Alternext US: CHQ

Jan 23, 2009 09:22 ET

Challenger Preparing to Commence Flow Testing on 'Endeavour' Well Offshore Trinidad

CALGARY, ALBERTA--(Marketwire - Jan. 23, 2009) - Challenger Energy Corp. ("Challenger") (TSX VENTURE:CHQ)(NYSE Alternext US:CHQ) announced today that Challenger, along with its partners, Canadian Superior Energy Inc. ("Canadian Superior") (TSX:SNG)(NYSE Alternext US:SNG) and, BG International Limited ("BG"), a wholly owned subsidiary of the BG Group plc (LSE:BG.L) that preparations are now underway to conduct flow testing on the "Endeavour" well, offshore Trinidad, on Block 5(c). As previously announced, the main targeted zone for this well has been encountered; and, has now been evaluated with a full suite of electric wireline logs, including modular dynamic testing ("MDT's") and operations will proceed to flow testing. The "Endeavour" well has been drilled to a Final Total Depth ("TD") of approximately 17,426 feet subsea (17,515 feet MD).

Current operations on the "Endeavour" well include completing the running and cementing in place of the 7" liner which is required for the flow testing program. These operations and finalizing all operations on the well are estimated to be completed near the end of February, to be followed by the release of the drilling rig. The data received to date from the "Endeavour" well has enabled the partners to further the understanding of not only this particular well and its related structure, but also in regard to the overall development potential of the entire Block 5(c). Test information from the well is expected to confirm productive characteristics of the reservoir tested and the net pay encountered in the well. The information from the three exploration wells, along with the extensive 3D seismic coverage covering Block 5(c) and the nearby fields, encourages moving forward with the further appraisal of resources discovered and development planning.

The "Endeavour" well, spudded on August 28, 2008, is the 3rd well in an initial 3 well program being drilled by Challenger and its partners on Block 5(c), located approximately 60 miles offshore, off the east coast of Trinidad. "Endeavour" is being drilled on a separate prospect determined from the analysis and evaluation of extensive 3D seismic on Block 5(c). In 2008, Challenger announced two separate natural gas discoveries on Block 5(c); in the "Victory" well, announced on January 14, 2008; and, in the "Bounty" well, announced on August 13, 2008. Operations on the "Endeavour" well are being conducted by the Kan Tan IV semi-submersible drilling rig in approximately 1,000 feet of water.

Challenger is paying one third of the costs of the initial exploration program on Block 5(c) to earn a 25% interest in the production sharing contract covering Block 5(c).

Challenger Energy Corp. is a Calgary, Alberta, Canada based oil and gas exploration company which is currently focusing on "high impact" oil and gas plays offshore the Republic of Trinidad and Tobago. See for information on Challenger.

BG Group plc (LSE:BG.L) is a world leader in natural gas, with a strategy focused on connecting competitively-priced resources to specific, high-value markets. Active in 27 countries on five continents, BG Group has a broad portfolio of exploration and production, Liquefied Natural Gas (LNG), transmission and distribution and power generation business interests. It combines a deep understanding of gas markets with an excellent track record in finding and commercialising reserves. See for information on BG Group plc.

Canadian Superior is a Calgary, Alberta, Canada based oil and gas exploration and production company with operations primarily offshore Trinidad and Tobago, offshore Nova Scotia, Canada, Western Canada, and North Africa. See Canadian Superior's website at for information on Canadian Superior.

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

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

For more information, please contact

Challenger Energy Corp.
Dan MacDonald
(403) 503-8815
(403) 503-8811


Challenger Energy Corp.
Suite 200, 744 - 4th Avenue S.W.
Calgary, Alberta, Canada T2P 3T4
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