Recently, management was informed that the test well was completed and initial indications are positive on the Leismer Oil Sands Prospect. Habanero has a 16.67% net interest in this prospect. The seismic is expected to be completed and analyzed within 10-15 days, barring any unforeseen issues. Additionally, the core as well as the bore hole imaging tool will be analyzed within the next 5-10 days. The results will then be incorporated and released once final analysis is complete. The operator stated, "My prognosis is that with the calibrated seismic (to the well), the hole imaging tool (FMI) and the core, we will pinpoint a thick oil sands pod for potential SAGD production."
Jason Gigliotti, President of Habanero stated, "Adding these new contiguous sections in the Athabasca Oil Sands Area of Alberta is a tremendous step forward in our growth strategy via the development and acquisition of quality Alberta Oil Sands Prospects. These new sections are contiguous and are directly beside Paramount Energy Ope and are within 10 kilometers of the $450 million Oil Sands purchase by Royal Dutch Shell. This new acquisition is in conjunction with the ongoing activities on two separate Oil Sands prospects Habanero has an interest in. This new parcel also represents Habanero's largest percentage ownership interest in any Oil Sands Prospect at 50% ownership. This new acquisition clearly shows our ability and commitment to growing Habanero through the Alberta Oil Sands."
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 company that has interests in five separate Oil Sands prospects, including having exposure to approximately 55,000 acres of oil sands interests though its equity ownership in Andora Energy Corporation ("Andora"). 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. Habanero owns 700,000 common shares of Andora. The cost for the new sections was $35290.52.
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