Habanero Resources Inc.

Habanero Resources Inc.

September 02, 2009 03:01 ET

Habanero Resources Inc.: Alberta Oil Sands Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 2, 2009) - Habanero Resources Inc. (TSX VENTURE:HAO)(PINK SHEETS:HBNRF)(FRANKFURT:HRJ) ("Habanero") has been informed of the following update in regards to its interest in Andora Energy Corporation ("Andora"), a 53.2-per-cent-owned subsidiary of Pan Orient Energy Corp. ("Pan Orient"). According to Pan Orient's news release dated August 28, 2009, Andora has received commercial scheme approval for a steam-assisted gravity drainage (SAGD) recovery process under the Oil Sands Conservation Act from the Energy Resources Conservation Board (ERCB) and approval from the government of Alberta under the Environmental Protection and Enhancement Act (EPEA). The pilot location is on Andora's 100-per-cent-owned acreage within the South block of its Sawn Lake property in the Peace River oil sands region.

The objective of the pilot is to demonstrate the feasibility of producing bitumen from the Bluesky zone at economic rates as well as the technical feasibility of the SAGD thermal recovery process allowing Andora to validate the design of the commercial project. The pilot will consist of a single well pair and associated steam injection and bitumen production facilities for an estimated cost of $15-million. All season access into the site is currently under way with anticipated completion for late 2009. The timing for equipment procurement, construction of the project facility and drilling of the well pair has yet to be determined. Habanero owns 700,000 common shares of Andora which Habanero acquired for $350,000. In September 2006, Habanero was given the option to tender its shares in Andora for cash and shares in Pan Orient valued at approximately $1.25 per share but Habanero elected not to exercise this option.

Jason Gigliotti, President of Habanero stated, "Andora Energy is making strides to attempt to put their SAGD project into production. They have achieved milestones that potentially put them on track to achieve this goal. Management continues to believe in the future growth of the Alberta Oil Sands, which Habanero has an interest in significant acreage in this region, as well as having upside growth potential through the Andora shares Habanero owns. Recently, PetroChina invested $1.6-billion in Calgary's Athabasca Oil Sands Corp., which is a clear sign that substantial investment dollars are starting to flow back into the Oil Sands."

Habanero is a diversified junior company with the following: (a) significant acreage in the Alberta Oilsands; (b) one of the largest landholders in the Yukon, bordering Underworld Resources; and (c) has now made applications to become one of the largest land holders within the land prospective for lithium in 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.

Habanero Resources Inc.

Jason Gigliotti, President

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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