Habanero Resources Inc. ("Habanero") is pleased to
announce that it has been informed by the operator of the Cardium
Burnstick Prospect (announced December 29, 2005) that the well has
encountered gas and flowed at a cumulative total of approximately 1.6
mmcf (million cubic feet of gas per day) during the 24-hour test just
completed (final production levels may vary significantly from this
number). The well is now shut in for buildup and it is expected to be
tied in for sales by mid-August. Habanero has now earned an interest
in the offset section and follow-up locations are expected to be
drilled sometime in the fourth quarter of 2006 or the first quarter of
2007. Habanero has a 10% working interest in this prospect.
Jason Gigliotti, President of Habanero Resources, stated, "It is
very exciting to have a new gas discovery and new source of revenue
for Habanero. When you couple this new gas discovery with the recent
additions to our Alberta Oil Sands holdings, clearly these are times
of growth for Habanero and Habanero's shareholders. At this time we
are trading more than 65% below our recent high, despite now adding a
new source of revenue and adding to our Alberta Oil Sands interests
and being further along on these prospects. Add in the fact that oil
prices are higher today, you can see why management is optimistic
about the short and long term prospect of Habanero."
Habanero is an emerging junior oil and gas company focused on oil
and gas exploration and production in North America. Habanero is one
of, if not the smallest, market capitalized company that has interests
in five separate Oil Sands prospects, including now having exposure to
approximately 55,000 acres of Oil Sands interests though our equity
ownership in Andora Energy Corporation (a private company of which
Habanero owns 700,000 shares). Habanero's goal is to become a
mid-range oil and gas producer.
If you would like to be added to Habanero's email updates list,
please send an email to ir@habaneroresources.com requesting to be
added.
BY ORDER OF THE BOARD OF DIRECTORS
"Jason Gigliotti"
Jason Gigliotti, President
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
