Habanero Picks Up Athabasca Leases

Habanero Resources has acquired three Athabasca Oil Sands leases in Alberta, Canada.

The Vancouver-based junior said that the leases were acquired through the recently announced Oil Sands Partnership, of which Habanero has a 25-percent working interest. The three leases consist of four sections, for a total of 1,024 hectares.

Leases 453 and 476 are within 5 kilometers of Habanero's existing Athabasca Oil Sands lease, announced March 2, 2006. These two new sections are close to the existing Oil Sands leases held by Connacher Oil and Gas's Great Divide Prospect, as well as to other major Oil Sands projects by Devon, Encana, and Cononco Philips.

Lease 489 consists of two contiguous sections that lie just southwest of the Oil Sands leases that Shell recently purchased for approximately $465 million.

"This is great news for Habanero and Habanero's shareholders," said Jason Gigliotti, Habanero's president. "For us to increase our land position in the Alberta Oil Sands is a significant move forward in the corporate growth of Habanero. This now gives Habanero interests in five separate Alberta Oil Sands leases, which should indicate to our shareholders our ongoing efforts to build Habanero though development and acquisition of Alberta Oil Sands prospects."