Email information Habanero Resources Inc
HAO: TSX Venture Exchange
HBNRF—USA
HRJ--Germany
Yesterday Pan Orient (see full news below) released an update on Andora Energy and the Oilsand Prospect Resource and a review of strategic alternatives for the Oilsands Prospect going forward. According the press release from Pan Orient, "Pan Orient Energy Corp., on behalf of its 53.4-per-cent-owned subsidiary Andora Energy Corp., is providing the following information. The board of directors of Andora has determined that it is an appropriate time to assess strategic options for Andora. Andora has initiated a process to identify and consider strategic alternatives with a view to enhancing shareholder value. Strategic alternatives may include, but are not limited to, a sale of the corporation, a merger or other business combination, a farmin or farmout, an acquisition or disposition of assets, among other alternatives. To assist Andora in this process, Andora has retained Raymond James Ltd. as its sole and exclusive financial advisor."
During the year ended December 31, 2005, Habanero acquired 700,000 common shares of Andora Energy Corporation, a private company in the oil and gas industry in Alberta, Canada for a total cost of $350,000. These shares account for approximately 1.27% of Andora Energy’s outstanding common shares. In September 2006, we were given the option to tender our shares in Andora Energy for cash and shares in Pan Orient Energy at the time equivalent to approximately $1.25 per share but we chose not to.
Year of the Profit, Oilseeker