In connection with Mr. MacDonald's appointment, Mr. MacKenzie stated the following: "On behalf of everyone at Challenger I am pleased to welcome Mr. MacDonald as President of Challenger at this exciting time as we proceed with drilling offshore Trinidad. Dan is well known in the oil and gas industry and has 22 years of experience in various capacities in a number of private and public oil and gas companies. He has both international and domestic oil and gas experience and is very familiar with North American capital markets." Mr. MacDonald was recently the President and CEO of Canadian Voyager Energy Ltd., a private oil and gas company with western Canada operations and several international prospects. Mr. MacDonald has also worked for a number of successful public oil and gas companies including Amoco Canada Petroleum Company Ltd., Canadian 88 Energy Corp. and Canadian Superior Energy Inc. Mr. MacDonald is a member of the Association of International Petroleum Negotiators and the Canadian Association of Petroleum Landmen.
Challenger has commenced drilling of its "Victory" prospect with Canadian Superior as operator on Canadian Superior's "Intrepid" Block 5(c) off the east coat of the island of Trinidad. Canadian Superior is paying 2/3 of the estimated US$45 million to drill the "Victory" well to obtain a 75% producing share in the well with its financial partner Challenger Energy paying 1/3 of the cost of the well to earn a 25% production share.
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