Habanero recently announced a participation agreement on a potential multi-well oil and gas prospect in Alberta (press release dated December 19, 2005). The first well is in a development location within the Cardium Burnstick Member reservoir trend in the area located south of Edmonton, Alberta. Habanero has secured a 10% working interest in this prospect. Drilling is expected to commence in the first quarter 2006.
Habanero is in the process of further increasing its interest in the Alberta Oil Sands Project, a response is expected this month.
Jason Gigliotti, President of Habanero stated, "Things are going extremely well for Habanero right now. We currently have more money in the bank than at any point over the last 7 years. We plan to utilize our funds towards either increasing our interest in the Alberta Oil Sands Project or taking on additional conventional drill programs, which are looking to drill this quarter. As it stands now, we have two conventional oil and gas prospects that we have not even commenced drilling on, and the ongoing development of the Oil Sands prospect will occur over the coming months and years; therefore we feel the future growth potential of Habanero has not even taken place yet."
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