Meanwhile Greg and Valerie Noval controlled over 10,000,000 shares when Challenger was created in 2005:

"On completion of the private placement and amalgamation, Mr. Noval will own, directly or indirectly, or exercise control or direction over, approximately 5,000,000 common shares and will have warrants to purchase an additional 500,000 common shares of Amalco. If all Mr. Noval's warrants are exercised, he will hold approximately 25% of the issued and outstanding common shares of Amalco in the case of the minimum offering being raised in the private placement and 23% of the issued and outstanding common shares of Amalco in the case of the maximum offering being raised in the private placement.Mr. Noval may in the future take such actions in respect of his shareholdings as he deems appropriate in the light of the circumstances then existing, including the purchase of additional shares or other securities of Amalco through open market purchases or privately negotiated transactions, or the sale of all or a portion of his holdings in the open market or in privately negotiated transactions to one or more purchasers.

Valerie Noval, Mr. Noval's spouse, currently owns, directly or indirectly, or exercises control or direction over, approximately 5,000,000 Challenger common shares. Following the Amalgamation, Ms. Noval will hold approximately 25% of the issued and outstanding common shares of Amalco in the case of the minimum offering being raised in the private placement and 22% of the issued and outstanding common shares of Amalco in the case of the maximum offering being raised."

The quote was taken from the news release dated August 3, 2005 which announced the amalgamation of Global Express Energy Inc. with Challenger Energy to form Challenger Energy referred to as Amalco in the above quote. So in 2005 Greg and Valerie Noval controlled between 46% to 50% of Challenger Energy at a share price cost of 0.25 cents Canadian per share or less. It would be interesting to see how many shares the Noval's own today. They may control more than Canbrium Capital.

Cheers; Scott