VANCOUVER, British Columbia, Jan. 26, 2006 (PRIMEZONE) -- Habanero Resources Inc. ("Habanero") (Pink Sheets:HBNRF) (Other OTC:HBNRF) (TSX-V:HAO) (Frankfurt:HRJ) is pleased to announce that is has received the final closing documentation to further increase Habanero's interest in the Alberta Oil Sands Prospect. Habanero was recently notified by the operator ("the Company") that activities are underway on the Alberta Oil Sands Prospect (news dated January 24, 2005). Currently, the prospect is being prepared for the seismic to be completed. It is expected that the seismic data will be collected over the coming weeks. The property is very close to infrastructure including roads and power, as well there is a pipeline running directly through the property. There is likely a supply of condensate in the area for treating and blending for pipeline sales. The Company is planning a pilot plant for testing the recoverable reserve via Steam Assisted Gravity Drainage (SAGD) and the Company plans to file application to AEUB for the pilot plant during the 1st quarter of 2006. The Company also plans to drill two additional wells as part of its current program and will undertake the 3-D seismic survey of the lands that will enable the Company to re-assess the size and extent of its reserves and administer its pilot project. At this time Habanero has a 2.7% equity interest in the Company. Habanero has paid a total of three hundred fifty thousand dollars for this interest. Habanero has taken an equity interest in the Company, but Habanero may have the option to participate in the development and exploitation of the prospect in the future.
Jason Gigliotti, President of Habanero, stated, "We are very happy to have increased our interest in this oil sands project. We feel the future growth of the oil and gas industry in North America is going to be focused on the Alberta Oil Sands and for Habanero to have exposure there is a tremendous opportunity for our future growth. Habanero has paid for all of its interest in the Alberta Oil Sands and still has more money in the bank than any time in the past six years. When you couple the activities now underway, on both the Oil Sands Prospect and the conventional gas prospect in Alberta, these clearly are exciting times for Habanero and its shareholders."
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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