Habanero Increases Stake in Athabasca Oil Sands
Habanero Resources has acquired a 95% interest in 22 new Athabasca Oil Sands sections. This new acquisition consists of two separate blocks, one of 10 contiguous sections and the other of 12 contiguous sections. The block of 10 contiguous sections is located at 4-15-075 27-34 and 4-15-076 5:6 and covers the Oil Sands below the top of the Viking formation to the base of the Woodbend Group. The block of 12 contiguous sections is located at 4-17-078 13-15; 22-27; 34-36 and covers the Oil Sands below the top of the Viking formation to the base of the Woodbend Group.
Jason Gigliotti, President of Habanero Resources stated, "This is a very significant acquisition for Habanero. This new acquisition increases Habanero's net oil sand acreage by almost 300%, going from 10.75 (6,800 acres) net sections to 31.65 (20,021 acres) net sections. Additionally important is that these two new blocks are the two single largest blocks Habanero has an interest in and they are shaped as one thick block, not singular lines of sections. Habanero has increased its Oil Sands sections under lease from 4.5 gross sections at the end of 2006 to now having 42.5 gross and 31.65 net sections. Management expects to add additional oil sections in the future and will attempt to develop a work program in the future on one or more of the oil sands prospects that Habanero has an interest in with the final goal of going into production."
Habanero is an emerging junior oil and gas company focused on developing
and acquiring Alberta Oil Sands Prospects. Habanero has an interest in
42.5 (26,885 acres) gross and 31.65 (20,021 acres) net Alberta Oil Sands
sections, as well as having exposure to approximately 55,000 acres of oil
sands interests in the Peace River region of Alberta though its equity
ownership in Andora Energy Corporation ("Andora"). Habanero owns 700,000
common shares of Andora which are currently deemed at $2.86 based on a
proposed combination previously announced.
- Habanero Drops 50% Interest in 2 Oil Sands Leases (Jan 20)
- Habanero Proposes Drill Program on Oil Sands Prospect (Aug 22)
- Habanero Acquires Interest in Alberta Oil Sands Sections (Jul 13)