Habanero Resources Inc.
Habanero Resources Inc.: Drilling Successfully Completed on Alberta Gas Well
Corporate-news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Habanero Resources Inc. (‘Habanero’) wishes to announce that it has been
informed by the operator of the Cardium Burnstick Prospect (announced
December 29, 2005,) that the drilling has been successfully completed and
the engineering contractor is designing the completion program. A service
rig has been contracted to conduct the completion. Barring any unforeseen
issues, the well should be tested shortly and potentially tied in to be on
stream by the end of May.
Jason Gigliotti, President of Habanero Resources stated, “It is exciting to
have a new conventional oil and gas project nearing completion, especially
with the current all time high prices of oil. Considering we have just
increased our interest in the Athabasca Oil Sands to include three new
leases, along with our two other Oil Sands prospects, we are moving towards
achieving our goal of becoming a mid-range oil and gas producer. As it
stands now, we are one of if not the smallest market capitalized company
with interests in five separate Alberta Oil Sands leases.”
Habanero has just added three new Alberta Oil Sands leases consisting of 4
new sections in the world-class Athabasca Oil Sands region. Two of these
new sections are within 5 miles of Micron’s existing Athabasca Oil Sand
Prospect. These two new sections are close to the existing Oil Sands
leases held by Connacher Oil and Gas’s Great Divide Prospect, as well as to
other major Oil Sands projects by Devon, Encana, and ConocoPhilips.
The other new Alberta Oil Sands lease acquired consists of two contiguous
sections that lie just southwest of the announced Royal Dutch Shell Plc Oil
Sands leases which they recently purchased for approximately $400 million.
The Oil Sands of Canada hold recoverable reserves of 175 billion barrels
with a proven reserve life of 480 years and another 130 billion barrels of
potential reserves, which is second only to Saudi Arabia’s 262 billion
barrels. As a comparison, the United States has only 29 billion barrels of
recoverable reserves and has decreasing domestic production while their
demand is increasing by 1-2% every year. Canada is in an optimal position
to supply oil to the US with its favorable political climate, close
proximity and being one of the few non-OPEC countries which can grow its
oil production.
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 companies that has interests in five separate
Oil Sands prospects. Habanero currently earns conventional oil and gas
revenue from multiple wells located in North America. 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.
Contact:
Value Relations GmbH
HRJ@ir-services.de
(c)DGAP 20.04.2006
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language: English
emitter: Habanero Resources Inc.
1205 – 789 West Pender Street
V6C 1HZ Vancouver, BC Kanada
phone: +1 604 646-6900
fax: +1 604 689-1733
email: gigblackberry@telus.net
WWW: –
ISIN: CA4044471049
WKN: 872019
indexes:
stockmarkets: Freiverkehr in Berlin-Bremen, Stuttgart, München; Open Market
in Frankfurt; Foreign Exchange(s) Canadian Venture Exchange
End of News DGAP News-Service
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