Bonanza Resources Corporation

Bonanza Resources Corporation

October 24, 2006 11:04 ET

Bonanza Resources Corporation: Burlington Resources Oil and Gas has Started Drilling the Spiller #1 Well

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 24, 2006) - Bonanza Resources Corporation (TSX VENTURE:BRS)(PINK SHEETS:BRSUF)(FWB:B4G) ("Bonanza" or "the Company") has been notified by it's subsidiary Bonanza Resources (Texas) Corp. ("Bonanza Texas") that Burlington Resources O & G Co., L.P. which was acquired by ConocoPhillips in March 2006 has started to drill the Spiller #1 well in the Savell (Bossier Sand) Field in Robertson County, Texas on leasehold acreage owned by Bonanza (Texas). In June, 2005 Bonanza Texas acquired a leasehold interest in 49 gross mineral acres in Robertson County, Texas from Pesca Unlimited Corporation of Houston, Texas. The acreage is offset by producing units for Burlington Resources O & G Co. LP (Burlington) wells that are producing from the Savell (Bossier Sand) Field in Robertson County, Texas.

Bonanza Texas' acreage is in the immediate vicinity of Burlington's T-Bar-X/Cole Unit Well No. 2 and offsets other Burlington Savelle (Bossier Sand) Field wells. The Cole No. 2 was drilled to a total depth of 14,921 feet and then completed on 1/25/2005 in the Lower Bossier Sand in the following intervals: Perforations: 14,419 - 14,427, 14,663 - 14,665, 14,711 - 14,716, after perforations the well flowed tested on a 19/64ths choke 19,842 million cubic feet of gas per day and has an Absolute Open Flow of 175,278 million cubic feet of gas per day. Bonanza Texas retains a 2.2% overriding royalty interest in the new well.

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 natural gas drill programs in North America.


Byron Coulthard, President/CEO

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