Habanero In Final Negotiations on Potential Multi-Well Oil and Gas Prospect In Alberta, Canada
Posted on: Monday, 19 December 2005, 12:00 CST
VANCOUVER, British Columbia, Dec. 19, 2005 (PRIMEZONE) -- Habanero Resources Inc. ("Habanero") (Pink Sheets:HBNRF) (Other OTC:HBNRF) (TSX-V:HAO) wishes to announce that it has entered final negations on a potential multi-well oil and gas prospect in Alberta, Canada. The board anticipates making a final decision on this prospect shortly.
Jason Gigliotti, President of Habanero Resources stated, "We are quite excited about the future prospects of Habanero Resources for the coming year. We are constantly looking for new drilling prospects to compliment our Alberta Oil Sands project and anticipate drilling new oil and gas projects early in 2006. As it stands now, Habanero is one of, if not the smallest, market-capitalized companies that has exposure to the massive Alberta Oil Sands. When you add to this that we currently have no long-term debt, have revenue coming in, cash in the bank and the currently near-all-time-highs on oil and gas prices, we think our shareholders should share our enthusiasm for the upcoming year for the growth of Habanero."
Habanero also announces a non-brokered private placement of up to 1 million units at the price of 20 cents per unit. Each unit will consist of one flow-through share and one non-transferable non flow-through share purchase warrant, each whole non flow-through warrant entitling the holder to purchase one further non flow-through common share of the company for a period of two years from closing at the exercise price of .25 per share. Proceeds from this placement will be used for future exploration and development of the company's oil and gas interests.
Habanero is an emerging junior oil and gas company focused on high reward, low risk oil and gas exploration and production in North America. Habanero's goal is to become a mid-range oil and gas producer. Habanero currently earns oil and gas revenue from 15 wells located on multiple oil and gas fields located in Texas, Saskatchewan and Alberta.
If you would like to be added to Habanero'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.
CONTACT: Habanero Resources Inc. Tel 604-646-6900 Fax 604-689-1733 ir@habaneroresources.com www.habaneroresources.com
Copyright © 2005 PrimeZone Media Network, Inc.
Source: PrimeZone Media Network
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