Challenger Obtains Court Order for Extension of CCAA Protection
05 Juni 2009 - 3:06PM
Marketwired
Challenger Energy Corp. ("Challenger" or "Company") (TSX VENTURE:
CHQ) announces that it has been granted an extension of the stay of
proceedings to July 24, 2009 to the previous court order that was
granted on April 20, 2009 which had extended the stay of
proceedings from April 20, 2009 to June 4, 2009, from the Court of
Queen's Bench of Alberta, Judicial District of Calgary for
protection under the Companies' Creditors Arrangement Act (Canada).
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.
$80.1 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 or relates to future production,
resource potential and/or reserves, project start-ups and future
capital spending, as well as the outcome 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.
Securiities 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. Manjeet Dhillon (403) 503-8813
(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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