VANCOUVER, British Columbia, Jan. 17, 2005 (PRIMEZONE) -- Habanero Resources Inc. ("HAO") (Pink Sheets:HBNRF) (TSX Venture Exchange:HAO) wishes to report that initial results from the operation on the Enchant Well in Alberta, and the Stuart 60 #8 Well in Texas, could be realized within days, barring any unforeseen issues.
Jason Gigliotti, president of HAO stated, "The results from these two prospects could have a very significant impact on HAO. With results expected within days, it is a very exciting time for HAO. Considering that the Enchant Prospect holds by far our largest working interest and that the previous five wells on the Martex Prospect have yielded five successful wells out of five, we are very optimistic about the near term future of HAO. Couple these factors with the price of oil and gas recently moving back towards historical highs, this would be a great time to be able to announce one or more successful new discoveries. Our goal is to become a mid-range oil and gas company and we are hoping that results this month can build towards this goal."
Operations on the recently announced the Enchant Prospect in Alberta are now in the final stages. The crews are on site working on the well to try to establish an initial flow rate over the next few days. The well will then need to be monitored for approximately 5-10 days before a sustained rate can be attained. HAO currently has a 50% working interest in the first well on this prospect. If the first well is successful, additional wells are planned.
The casing has been set and cemented as per the requirements of the Texas Railroad Commission on the Stuart 60 #8 Well on the Martex Prospect in Texas. It is anticipated that preliminary results from this well will be known within 7-10 days. This is the first of the remaining three wells on the Martex Prospect. All of these wells have already been paid for and each of the first five wells on this prospect were successfully drilled. It is anticipated that as soon as this well is completed, work on the remaining two wells will commence.
Operations are expected to commence in January on the Red Water gas prospect in Alberta. The prospect consists of one initial well, with the potential to drill multiple wells if the first well is successful. The formation of primary interest on this property is the Viking Sands, which is gas productive throughout the immediate area. Recently, the Viking zones have been tested and produced gas in a number of wells in the immediate area of the prospect. Drill stem tests have resulted in flows in excess of 12,000,000 feet of gas per day.
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 fifteen independent sources located on multiple oil and gas fields in Texas and one in Saskatchewan.
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Contact Information: Tel 604-646-6900 Fax 604-689-1733 ir@habaneroresources.com www.habaneroresources.com BY ORDER OF THE BOARD OF DIRECTORS "Jason Gigliotti" Jason Gigliotti, President
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