Bonanza Resources Corporation

Bonanza Resources Corporation

March 29, 2006 09:30 ET

Bonanza Resources to Commence Pumping of First Oil Well in Howard County, Texas-Seismic Survey Complete

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 29, 2006) - Bonanza Resources Corporation (TSX VENTURE:BRS)(OTCBB:BRSUF)(FWB:B4G) ("Bonanza" or "the Company") is pleased to announce that a pumping unit has arrived and that the Company is preparing to pump the Griffin No. 1 well, part of the Worth Oil Project located in Howard County, Texas. Production tanks are now being mobilized.

The pumping unit will be used to pump out existing water to increase oil flow. Initially, the Griffin No. 1 well produced 56 barrels of oil after performing an acid-wash treatment.

Bonanza has also received results from a 3-D seismic survey (part of a larger-area seismic evaluation and done at no cost to Bonanza) to be used to locate additional drill-site locations.

President Byron Coulthard said: "Bonanza is focusing its efforts on reducing water content and increasing oil flow at the Worth Oil Project. The project is located northeast of the Would Have Oil Field where over 2.3 million barrels of oil have been produced to date. The recently completed seismic survey has greatly improved our knowledge of the project area and a site is being selected to drill our second well on the project area."

Bonanza has an 82.5-per-cent working interest and a 61.75-per-cent net revenue interest in the Worth Oil project.

Bonanza Resources Corporation is a professionally managed junior oil and gas exploration company with an increasing revenue stream. The Company is currently developing projects in Oklahoma and Texas. Through its extensive contact base and using its current revenues, Bonanza will continue to seek out and participate in high potential oil & gas drill programs in North America.


Byron Coulthard, President/CEO

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

Contact Information