Challenger Energy investor acquires 3.33 million shares

2008-12-11 12:39 ET - News Release

Ms. Karen Durante reports

CAMBRIAN CAPITAL, L.P. ACQUIRES CONTROL OR DIRECTION OVER THE SECURITIES OF CHALLENGER ENERGY CORP.

Cambrian Capital LP has acquired control or direction over 3,333,332 common shares and 1,666,666 common share purchase warrants of Challenger Energy Corp. As a result of the acquisition, CCLP now exercises control or direction over a total of 6,966,377 common shares and 2,166,666 common share purchase warrants, representing approximately 16.41 per cent of the issued and outstanding common shares of Challenger (assuming exercise of the common share purchase warrants over which CCLP has control or direction).

The common shares and the common share purchase warrants of Challenger were acquired through a public offering of Challenger. CCLP acquired control or direction over the securities for investment purposes only. Depending on market and other conditions, CCLP may from time to time in the future increase or decrease its ownership, control or direction over, or exercise its current rights to acquire, the common shares or other securities of Challenger, through market transactions, private agreements or otherwise.