Charger Energy Inc. Announces Application To Amend The Term Of Outstanding Convertible Debentures.

Business Editors

CALGARY, Alberta--(BUSINESS WIRE)--Dec. 29, 2000

Charger Energy Inc.(CDNX:CHC.)

Charger Energy Inc. ("CHC" - CDNX) announces that it has made application to the Canadian Venture Exchange Inc. for approval of an amendment to certain terms of all of Charger's outstanding 8% Convertible Subordinated Secured Debentures ("Debentures") in the aggregate amount of Cdn $693,015. Charger is seeking the amendment to reduce the price at which Debenture holders may convert the Debentures from Cdn $0.35 to Cdn $0.10 and is seeking to extend the

expiry of the term of the Debentures from January 1, 2001 to February 28, 2001.

This revision to the terms of the Debentures is subject to finalization of documentation and all applicable regulatory approvals, including approval of the Canadian Venture Exchange Inc.

Charger's disposition of 75% of its 100% interest in certain oil and natural gas lease rights located at Val Verde, Texas (the "Val Verde Lease")was not completed. Such lease rights expired in November, 2000. Charger no longer holds any interest in the Val Verde Lease. The surrender for cancellation of all of the Debentures, as had been contemplated in connection with Charger's disposition of its interest in Val Verde leases, also did not occur.

Charger Energy Inc. is a public energy company listed on the Canadian Venture Exchange under the trading symbol "CHC". Charger's primary focus is generating, sourcing and exploring and developing oil and natural gas reserves in North America. Charger's oil and natural gas interests currently consist of a 10% direct interest in the Green River Basin, Wyoming, as referenced in Charger's September 12, 2000 press release.

THE CANADIAN VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.