Challenger Gets Go Ahead to Extend Warrants

Challenger Energy Corp. (TSX VENTURE:CHA.V) says that its application to the TSX Venture Exchange to extend the expiry date of 4,322,222 outstanding warrants (each, a "Warrant"), each Warrant entitling the holder thereof to acquire one common share of the Company at a price of $2.75 until December 31, 2006, has been approved. The expiry date of the Warrants has been extended to February 28, 2007.

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.