Challenger Energy Corp. Obtains Court Order for CCAA Protection
February 27 2009 - 8:35PM
Marketwired
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.
Contacts: Challenger Energy Corp. Dan MacDonald (403) 503-8815
(403) 503-8811 (FAX) Challenger Energy Corp. Suite 200, 744 - 4th
Avenue S.W. Calgary, Alberta, Canada T2P 3T4 Website:
www.challenger-energy.com
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