Habanero to Participate in New Gas Exploration Program in Alberta

Habanero Multi-Well Drilling Area
(Click to Enlarge)
Habanero Resources has entered into an agreement to participate in a potential multi-well drill program located just north of Edmonton, Alberta, Canada. According to the operator, the first well on this prospect is expected to commence drilling within 14 days, barring any unforeseen issues. This first well will test the Manville Colony Sandstone and the Viking Sands formations. If the first well is successful, the operator plans to drill up to four wells per section. The total estimated cost for this first well is approximately $500,000. Habanero has secured a 20% working interest in this drill program.

Jason Gigliotti, President of Habanero stated, "This is a great time to acquire an interest in a new conventional drill program that is expected to commence drilling right away. We have more money in the bank right now than we have ever had, and we plan to deploy this cash to acquire new Alberta Oil Sands assets and new conventional drill programs in order to build the company. These are very exciting times for Habanero and Habanero's shareholders, especially when you consider the current near historic highs on oil and gas prices."

Habanero has granted, pursuant to its 2005 Rolling Stock Option Plan, up to 2,067,000 incentive stock options at an exercise price of $0.54 for five years.

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 exposure to the Alberta Oil Sands. Habanero's goal is to become a mid range oil and gas producer. Habanero currently has operations located on multiple oil and gas fields located in Texas, Saskatchewan and Alberta.


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