VANCOUVER, British Columbia, March 23, 2005 (PRIMEZONE) -- Habanero Resources Inc. ("HAO") (TSX-V:HAO) wishes to report that operations on two oil and gas prospects are ongoing and initial results are expected within the next 7-14 days.
The operations on the Pembina Prospect, located on the Pembina Field in Alberta, Canada have commenced. The operator has informed HAO that the cement plugs are being drilled out and they expect to have all the drilling completed within 5-10 days. After the drilling is completed the well will be prepared for the initial testing phase. Barring any unforeseen issues, initial results from this well are expected within 10-14 days. The initial well will be targeting the Viking Sands Formation.
HAO also been notified by the operator that the Stuart 60 #8 Well on the Martex Prospect is now scheduled to be fraced next week. An unexpected delay occurs and this prospect is now about one week behind schedule. The operator thinks that the initial rates from this well should be made available within 10-14 days. The cost for this well and the remaining two on this prospect has already been paid by HAO. It is anticipated that the remaining two wells will commence as soon as this well is completed.
The Enchant Well in Alberta is now online and producing oil for sales. The well will be constantly monitored and adjustments will be made over the next few weeks as the well establishes a stable flow rate. Additional drilling is being planned for this prospect in the near future.
HAO currently has cash reserves which it intends to utilize to build its assets either through acquisitions and/or additional drilling.
Jason Gigliotti, president of HAO stated, "The next few weeks could prove to be an important time for HAO. We are expecting results from two separate prospects that we are participating in. If one or both of these wells achieve commercial success, it would be a great addition to HAO's bottom line revenue. Oil and gas prices are near all-time highs and this would be a great time for any kind of new production to be added. We are very excited about the next few weeks for HAO and HAO shareholders."
HAO is an emerging junior oil and gas company focused on high reward, low risk oil and gas exploration and production in North America. HAO's goal is to become a mid range oil and gas producer. HAO currently earns oil and gas revenue from sources located on multiple oil and gas fields in Texas, one in Saskatchewan and one in Alberta.
If you would like to be added to HAO's email updates list, please send an email to ir@habaneroresources.com requesting to be added.
BY ORDER OF THE BOARD OF DIRECTORS
"Jason Gigliotti"
Jason Gigliotti, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
-0- Contact Information: Jason Gigliotti, President Tel: 604-646-6900 Fax: 604-689-1733 ir@habaneroresources.com www.habaneroresources.com