VANCOUVER, British Columbia, Jan. 24, 2005 (PRIMEZONE) -- Habanero Resources Inc. ("HAO") (Pink Sheets:HBNRF) (TSX Venture Exchange:HAO) is pleased to report that the operator has informed HAO that the Enchant Well in Alberta is now online and producing oil for sales. The initial rates are 49 barrels of oil per day. A more sustained rate will be achieved over the next few weeks. The operator feels that with a chemical stimulation the well could flow at higher levels.
Jason Gigliotti, president of HAO, stated, "These results are great news for HAO and HAO's shareholders, especially since HAO has a 50% working interest in the well. If this well stays at these levels this would increase our daily oil and gas production by approximately 400%. We are tremendously excited about the impact this well and field could have on the growth of HAO. Considering the current historically high prices for oil and gas, this is a great time to put a new well into production. We expect to start receiving revenue from this well within 45-60 days. When you take this new discovery into account along with our Texas prospect nearing completion, this is a dynamic period of growth for HAO."
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. It is anticipated that as soon as this well is completed, work on the remaining two wells will commence.
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 now one in Alberta.
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