Habanero acquires 22 Athabasca oil sands sections
2007-07-03 07:58 ET - News Release
Mr. Jason Gigliotti reports
HABANERO RESOURCES INC. SUBSTANTIALLY INCREASES ALBERTA OIL SANDS EXPOSURE ADDING 95% INTEREST IN 22 NEW ATHABASCA OIL SANDS SECTIONS
Habanero Resources Inc. has acquired a 95-per-cent interest in 22 new Athabasca oil sands sections. This new acquisition consists of two separate blocks, one of 10 contiguous sections and the other of 12 contiguous sections. The block of 10 contiguous sections is located at 4-15-075, 27-34 and 4-15-076 5:6, and covers the oil sands below the top of the Viking formation to the base of the Woodbend group. The block of 12 contiguous sections is located at 4-17-078, 13-15, 22-27, 34-36 and covers the oil sands below the top of the Viking formation to the base of the Woodbend Group.
Jason Gigliotti, president of Habanero Resources, stated: "This is a very significant acquisition for Habanero. This new acquisition increases Habanero's net oil sand acreage by almost 300 per cent, going from 10.75 (6,800 acres) net sections to 31.65 (20,021 acres) net sections. Additionally important is that these two new blocks are the two single-largest blocks Habanero has an interest in and they are shaped as one thick block, not singular lines of sections. Habanero has increased its oil sands sections under lease from 4.5 gross sections at the end of 2006 to now having 42.5 gross and 31.65 net sections. Management expects to add additional oil sections in the future and will attempt to develop a work program in the future on one or
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