VANCOUVER, British Columbia, March 18, 2005 (PRIMEZONE) -- Habanero Resources Inc. ("HAO") (TSX-V:HAO) is extremely pleased to announce that it has entered into an agreement to participate in the Pembina Prospect, located on the Pembina Field in Alberta, Canada. HAO has secured at 10% working interest in this potential multi-well prospect. The initial well will be a re-entry and re-completion targeting the Viking Sands Formation. The operator expects the operations on this prospect to commence this weekend, with initial results expected within 7-10 days, barring any unforeseen issues.
HAO also been notified by the operator that the Stuart 60 No. 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.
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 cash reserves which it intends to utilize to build its assets either through acquisitions and/or additional drilling.
Jason Gigliotti, president of HAO stated, "It is a great time to be able to announce a new oil and gas prospect and have it commence operations right away. This new prospect is a re-work of a previously successful well, therefore the cost of the well is far lower than drilling a new well. The operator anticipates having initial rates within 7-10 days. We are also expecting initial results on our Stuart well in Texas next week, and coupling this with oil reaching all time highs this week, the next few weeks could be a tremendous period of growth for HAO."
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.
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BY ORDER OF THE BOARD OF DIRECTORS
"Jason Gigliotti" ----------------- Jason Gigliotti, President
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