“The AMEX listing represents a major milestone for our Company,” said Greg Noval, Chairman. “Challenger will be joining a prestigious group of Canadian and international companies including Imperial Oil and other Canadian and internationally recognized corporations which trade on the American Stock Exchange. Challenger will gain increased visibility and market liquidity in the global investment community. We look forward to commencement of trading on the American Stock Exchange and we would like to thank both the American Stock Exchange and the U.S. Securities and Exchange Commission (“SEC”) for their support and efforts which will allow us to commence trading this coming Monday.”
Neil Mackenzie, President and CEO added, “Challenger is looking forward to drilling with Canadian Superior Energy Inc. as the operator, a three well back-to-back drilling program on Block 5(c) offshore Trinidad and Tobago, in one of the most coveted natural gas plays in the world. Drilling of the first well is scheduled to commence by the end of March, 2007.”
Greg Noval, added, “Trinidad is truly a ‘World Class’ basin with multiple large exploration and development opportunities as evidenced by recent drilling and development successes in close proximity to Canadian Superior’s land holdings and prospects. For example, as many as 18 of British Petroleum’s (BP’s) top 25 producing wells world-wide are located in Trinidad, including BP’s Cannonball Development Wells (3 wells making over 600 MMcf/d). Also, offsetting us to the west of our ‘Intrepid’ Block 5(c) is British Gas’s (BG) Dolphin and Dolphin Deep Developments (e.g. 2 wells in Dolphin Deep capable of making up to a total of 300 MMcf/d), both fields on trend with our ‘Intrepid’ Block 5(c) in the ‘dip’ direction (SW-NE). The same holds true in the ‘strike’ direction (NW-SE), with BP’s Manakin and Statoil’s Cocuina fields on trend to the southeast of our ‘Intrepid’ Block 5(c) and EOG Resources, Inc.’s 2006 discovery to the northwest, again directly on trend in the ‘strike’ direction. Furthermore, natural gas from Trinidad easily accesses the world’s largest natural gas markets and supplies approximately 80% of the United States’ Liquefied Natural Gas (LNG) which is very important to the North American natural gas supply.”
AMEX’s approval of the Company’s listing application is contingent upon the Company being in compliance with all applicable listing standards on the date it begins trading on the Exchange, and may be rescinded if the Company is not in compliance with such standards.
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 Trinidad and Tobago and offshore Nova Scotia.
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