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Alberta Oil Sands Prospect Commences Operations ======================================================================= Re: News Release - Tuesday, January 17, 2006 Alberta Oil Sands Prospect Commences Operations ======================================================================= Habanero Resources Inc. ("Habanero") wishes to announce that it has been notified by the operator ("the Company") that operations are underway on the Alberta Oil Sands Prospect (news dated November 17, 2005). Currently the prospect is being prepared for the seismic to be completed. It expected that the seismic data will be collected over the coming weeks. The property is very close to infrastructure including roads and power, as well there is a pipeline running directly through the property. There is likely a supply of condensate in the area for treating and blending for pipeline sales. The Company is planning a pilot plant for testing the recoverable reserve via Steam Assisted Gravity Drainage (SAGD) and the Company plans to file application to AEUB for the pilot plant during the 1st quarter of 2006. The Company also plans to drill two additional wells as part of its current program and will undertake the 3-D seismic survey of the lands that will enable the Company to re-assess the size and extent of its reserves and administer its pilot project. According to the Canadian Association of Petroleum Producers web site, "production from Canada's vast oil sands reserves now exceeds 1 million barrels per day and is forecast to increase to 2.7 million barrels per day by 2015. Reserves exceed 175 billion barrels of economically viable oil. With current technology, Canada's oil sands are second only to Saudi Arabia in global oil reserves. Capital spending on both in situ areas (too deep to mine) and mining projects in the oil sands totaled more than $28 billion US from 1996 to 2004. Canadian companies will spend close to $7 billion US on oil sands capital investment in 2005. There are close to 35 projects in the planning or expansion process." Habanero is in the process of further increasing its interest in the Alberta Oil Sands Project, a response is expected this month. At this time Habanero has taken a 2.5% equity interest in the Company. Habanero recently announced a participation agreement on a potential multi-well oil and gas prospect in Alberta (press release dated December 19, 2005). 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 in the first quarter 2006. Habanero is also negotiating on new potential multi-well oil and gas prospects in Alberta (press release dated January 12, 2006). A decision on one or more of these new oil and gas prospects is expected shortly. Jason Gigliotti, President of Habanero stated, "The commencement of operations on the Oil Sands Prospect could not come at a better time. When you look at the exposure the Alberta Oil Sands have been receiving in terms of the global market, it is clear that the future development for Habanero will be largely based on the Alberta Oil Sands. When you couple the excitement of the Oil Sands with the fact that we are in our best financial condition in years and that our conventional drilling has not even started yet, 2006 is shaping up to be a potential breakout year for Habanero's corporate development." Habanero is an emerging junior oil and gas producing company focused on oil and gas exploration and production in North America. Habanero is one of, if not the smallest market capitalized companies that has exposure to the massive Alberta Oil Sands. 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 [e-mail] requesting to be added. Contact Information: Tel [phone] Fax [phone] [e-mail] www.habaneroresources.com 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. This service is intended for dissemination of company information only. This is not a solicitation to buy or sell securities. Any decision to buy or sell securities should be discussed with a professional in the financial industry. If you would like to be deleted from this service or feel this message was sent in error, please send an email to [e-mail] with delete in the subject line and use the exact email address as it appears in this message. If you have asked previously to be deleted, we apologize as we have experienced some technical difficulties in the past month. ======================================================================= Copyright (c) 2006 HAO/HBNRF - HABANERO RESOURCES INC. (HAO) All rights reserved. For more information visit our website at https://www.habaneroresources.com/ or send mailto:[e-mail] Message sent on Tue Jan 17, 2006 at 6:45:59 AM Pacific Time =======================================================================