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Habanero Resources Inc - News Release

Habanero completes lower portion of Z1 well

Habanero Resources Inc	HAO
Shares issued 11,587,981	Sep 23 2002 close $ 0.08
Wednesday September 25 2002	News Release
Mr. Jason Gigliotti reports
SUCCESSFUL COMPLETION OF THE LOWER PORTION OF Z1 WELL
Habanero Resources has been informed by the operator that the lower portion of the Z1 well has been successfully completed. This lower formation is primarily an oil-bearing formation and was not even recognized as a potential target when the Z1 well was drilled. The next step is to test the primary target of the Z1 well with the intention of dual producing from both formations within the same well. The first sale of oil is expected this week, and the oil sales contract calls for a sales price of $1.90 per barrel above the current market price due to the above average quality of the oil produced. This is the first well of a proposed multiwell program.
The primary target of the Z1 well is principally a gas target, which displayed excellent shows during the drilling process. The testing of the primary target is scheduled to commence during the week beginning Sept. 30, 2002, and should take approximately three to five days to fully test the primary target barring any unforeseen delays. The plan is to frac both upper zones within one operation. This will enable the Z1 well to have tested all three zones that showed promise of commercially viable hydrocarbons. The pipeline for gas sales is already in place and contracts have been negotiated.
Jason Gigliotti, a director of the company, states: "We are thrilled to be testing the primary target within the Z1 well. The Bend conglomerate has been the primary target from when we originally got involved in the project. This is mostly a gas formation. We are happy that our partners are all in agreement to test this formation as we feel it would be a major mistake not to test this very promising formation. When you have numerous potential pay zones within one well it makes sense to test from the bottom up. When you take into account the current prices for oil and gas and the fact that HAO has the largest per cent of the project, we feel that HAO offers tremendous leverage to this project and we look forward to testing the primary zone shortly."
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