VANCOUVER, British Columbia, March 17, 2005 (PRIMEZONE) -- Habanero Resources Inc. (TSX Venture Exchange:HAO) is pleased to announce that it has been notified by the operator that the Stuart 60 #8 Well on the Martex Prospect is scheduled to be fraced on March 18, 2005. The operator stated, "This frac will be the largest we have performed on the Big Saline wells and we hope to increase the flow rate accordingly. We will begin digging a pit to load with the water starting the first half of March. With pit construction time, lining the pit, filling with water, we plan to schedule the frac for March 18th. At this time, we should have everything ready to go to put the well on line without any shut-in time." As soon as this well is completed, the next well on this prospect is expected to commence.
HAO is also in the final stages of negotiations on a new oil and gas prospect in the Pembina Area of Alberta. If HAO participates in this prospect, the operations are expected commence within 7 days.
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 over $300,000 in the bank and all current drilling costs are fully funded. We plan to utilize this cash to build HAO's assets either through acquisitions and/or additional drilling.
Jason Gigliotti, president of HAO stated, "The next few weeks are going to be quite an active time for HAO, with the pending result of the Stuart Well and the possibility of a new prospect, coupled with the near all time high oil and gas prices, the remainder of this month could be quite exciting."
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
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