VANCOUVER, British Columbia, Jan. 24, 2006 (PRIMEZONE) -- Habanero Resources Inc. ("Habanero") (Pink Sheets:HBNRF) (TSX-V:HAO) (Frankfurt:HRJ) wishes to announce that it has been notified by the operator that the 'Cardium Burnstick' prospect drilling preparations are now completed and the site is now prepared for drilling. The operator is now trying to secure a rig. As soon as a rig is secured the drilling is scheduled to commence. Habanero recently announced a participation agreement on this potential multi-well oil and gas prospect in Alberta (press release dated December 19, 2005). The first well is in a development location within the Cardium Burnstick Member reservoir trend in the area located south of Edmonton, Alberta. Habanero has secured a 10% working interest in this prospect and will incur 10% of the total costs for the well. The estimated well costs are as follows: drill and case $1,250,000, complete and stimulate $500,000, and equip and tie-in $300,000, or a total of $2,050,000.
Jason Gigliotti, President of Habanero stated, "These are exciting times for Habanero resources as this new conventional drilling prospect has commenced activities. As soon as a rig can be located for this prospect, the drilling is expected to start. When you couple the commencement of activities on the Oil Sand project with the new conventional project, this clearly is quite a busy period for Habanero."
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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BY ORDER OF THE BOARD OF DIRECTORS
"Jason Gigliotti"
Jason Gigliotti, President
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