New Alberta Gas Discovery for Habanero
Wednesday July 19, 8:00 am ET
VANCOUVER, British Columbia--(BUSINESS WIRE)--July 19, 2006--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.
ADVERTISEMENT
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.
Contact:
Habanero Resources Inc.
Jason Gigliotti, 604-646-6900
Fax: 604-689-1733
ir@habaneroresources.com
www.habaneroresources.com
