The Monitor's First Reoprt on Challenger Energy is dated March 20 and as usual it provides bits of information relevant to Canadian Superior Energy.

http://www.alger.ca/challenger/Monit...

On page 17 it makes reference in item 69 to a arbitration process taking place at present between BG and CSEI concerning ownership rights:

"CSEI and BGI are currently in a dispute regarding which party has ownership rights to Block 5(c). The two parties are in the early stages of arbitration over this matter. Challenger was not given notice to participate nor is it a party to the arbitration commenced by BGI." Which makes sense as Challenger's rights if any are by way of CSEI. However, I was not aware that BGI called for an arbitration procedure to take place.

Challenger has also approached CESI is terms of them both working together as far as jointly presenting their share of 5(c) to prospective bidders who are interested in buying both Challenger's and CSEI's holdings in the Block. Canadian Superior appears to be cool to this idea and has not taken Challenger up on their offer.

Cheers; Scott