VANCOUVER, British Columbia, Feb. 27, 2006 (PRIMEZONE) -- VANCOUVER, British Columbia Habanero Resources Inc. ("Habanero") (Pink Sheets:HBNRF) (TSX-V:HAO) (Frankfurt:HRJ) is extremely pleased to announce that it has formally entered into an agreement to participate for 20.83% of Canadian Oilsands Limited Partnership (COLP). COLP will pursue the acquisition, exploration and development of land or other property interests in the Alberta Oilsands. Currently the COLP has not completed the first acquisition, but it is expected that first project will be executed in the first quarter 2006.
Jason Gigliotti, President of Habanero stated, "This is great news for Habanero. We feel that the Oil Sands are the future of oil and gas production for North America and we plan focus the majority of our efforts and resources in this area. Habanero already has and interest in one Alberta Oil Sands project that is currently underway and now to participate for over 20% of the Canadian Oilsands Limited Partnership could be the largest potential for future growth that Habanero has been a part of. When you couple this new Alberta Oil Sands venture with my upcoming European presentations in March, clearly these are exciting times for Habanero and Habanero 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 interests in 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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