Habanero Resources Inc. has entered into a participation agreement on a potential multi-well oil and gas prospect in Alberta.
Habanero Resources Inc. has entered into a participation agreement on a potential multi-well oil and gas prospect in Alberta. The first well is in a development location within the Cardium Burnstick Member reservoir trend in the area located south of Edmonton, Alberta. Habanero has secured a 10% working interest in this prospect. Drilling is expected to commence shortly.
Habanero is in the process of further increasing its interest in the Alberta Oil Sands project, a response is expected shortly.
Jason Gigliotti, President of Habanero Resources stated, ‘It is very exciting to have a new conventional drill prospect to add to our existing producing oil and gas prospects as well as our Alberta Oil Sands project. Alberta is one of the largest oil and gas regions in the world and we look forward to drilling this new prospect shortly. We are continuing to look for ways to add shareholder value as the Alberta Oil Sands project is developed over the coming months and years. 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 take this into account along with the fact that we have no long-term debt, we have revenue coming in, cash in the bank and that oil and gas prices are currently near all time highs, we think our shareholders should share our enthusiasm for Habanero’s growth in the upcoming year.’
Source : www.oilonline.com