VANCOUVER, British Columbia, March 30, 2005 (PRIMEZONE) -- Habanero Resources Inc. ("HAO") (Pink Sheets:HBNRF) (TSX-V:HAO) wishes to report that operator has informed HAO that the Pembina Prospect Well in Alberta is being prepared to be perforated. The perforation is scheduled to occur in the next two days, barring any unforeseen issues. After this perforation occurs, a decision on which zone or zones to try to produce from will be made. We may be able to dual produce this well for both gas and oil. A decision on the next stage of operations will be made over the next 2-7 days to determine the direction the operations will take.
HAO also been notified by the operator that the Stuart 60 #8 Well on the Martex Prospect is now scheduled to have the nitrogen frac take place in the next 7-14 days. An unexpected delay occurred which has now been rectified. The crew for the nitrogen frac is now being assembled. The cost for this well and the remaining two on this prospect has already been paid by HAO. It is anticipated that the remaining two wells will commence as soon as this well is completed.
HAO currently has cash reserves which it intends to utilize to build its assets either through acquisitions and/or additional drilling.
Jason Gigliotti, president of HAO stated, "The next few weeks are going to be very exciting for HAO and HAO's shareholders as initial results from two separate drill prospects are expected. Our goal is to become a mid-range oil and gas company and we are hoping to be able to move in this direction with the pending results in the next few weeks. We still have more than enough cash on hand to drill new wells on the current prospects we are participating in, and we are constantly on the look out for new prospects that would meet our criteria of low risk/ high reward potential."
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
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
-0- Contact Information: Jason Gigliotti, President Tel: 604-646-6900 Fax: 604-689-1733 ir@habaneroresources.com www.habaneroresources.com