Habanero Enters into New Athabasca Oil Sands Deal


Habanero Multi-Well Drilling Area
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Habanero Resources has formally entered into a new agreement through the recently formed Oil Sands partnership to participate in a new Oil Sands prospect located in the Athabasca Oil Sands region of Alberta, Canada. Habanero has 20.83% of the partnership. Activities on this Athabasca Oil Sands Prospect are expected to commence in the second quarter of 2006. The total costs to earn the acreage will be $2.6 million in cash and approximately $900,000 (current value) in shares.

This new prospect is located in close proximity to Cononco/Philips Surmont project, Devon's Jackfish Lake project, Encana's Christina Lake project, Petrobank's Whitesands project and Canadian Natural Resources Kirby project. At a recent presentation, Encana's COO stated that Encana's Christina Lake Prospect, which is within 25 kilometers of Habanero's new prospect, could grow to produce 250,000 barrels per day. The closest Oil Sands Project is the Whitesands project that is within 2 kilometers to Habanero's new Oil Sands project. It has been stated in company news releases that they have reserves of 1.3 billion barrels of oil in place on the Whitesands prospect. This new prospect consists of 640 acres.

Jason Gigliotti, President of Habanero stated, "This is a major step forward in the future of Habanero. This now gives us interests in two Alberta Oil Sands projects. This new Alberta Oil Sands Prospect is located in the Athabasca Oil Sands region of Alberta, which is the largest Oil Sands reserve in the world. This new Oil Sands prospect is located south of Fort McMurray and is close in proximity to exiting major Oil Sands projects currently in production by Devon and Encana. We feel that our interests in the Alberta Oil Sands will drive our growth and that this new acquisition should signal our serious intentions to achieve our goal of becoming a mid-range oil and gas company. When you couple this new Athabasca Oil Sands Prospect with my upcoming European presentations in March, clearly these are exciting times for Habanero and Habanero's shareholders."

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