Challenger to Reach Bounty TD in June

Challenger Energy reported that the "Bounty" well has been drilled to date to a depth of approximately 6,240 feet (subsea) and is expected to reach its total depth ("TD") of approximately 18,000 feet in June 2008.

The "Bounty" well is the second in a series of three wells being drilled on "Intrepid" Block 5(c) located approximately sixty miles east of the coast of Trinidad in water depths of approximately 1,000 feet. The "Bounty" well follows the successful drilling and extensive production testing of the nearby "Victory" natural gas and condensate discovery well, also located on Block 5(c). The series of three wells located on the "Intrepid" Block 5(c) are targeting three structures that potentially contain over four tcf of undiscovered resources of natural gas.

Challenger is participating in the initial exploration program on "Intrepid" Block 5(c) by paying one-third of the costs of the initial three wells to earn a 25% interest in the production sharing contract covering Block 5(c).

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