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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge

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To: brian krause who wrote (2429)	5/9/2001 6:09:56 PM
From: Rocket Red	of 11802

Habanero Resources Inc - News Release Habanero well production tested Habanero Resources Inc HAO Shares issued 3,455,321 2001-05-08 close $0.17 Wednesday May 9 2001 News Release Mr. Jason Gigliotti reports Habanero Resources has been advised by Production Specialties Company of Woodland, Calif., that a 15-foot interval of the Pale Rider 3-26 well was perforated in the Winters formation. The well was successfully flow tested for a period of two hours at a rate of 5.0 million cubic feet per day with pressures of 5,400 pounds per square inch. Shut in pressure after one hour was 6,750 pounds per square inch. The well flowed briefly on a 16/64 choke at 5,100 pounds per square inch and 8.1 million cubic feet per day. A considerable amount of condensate is also present with the gas. Production Specialties Company president, Dero Parker, states: "Discussions with the California Division of Oil and Gas indicate this formation in this well is the deepest commercial production in Northern California on record. We will continue to test the well throughout the day and if the well performance does not change we can expect daily sales rates to be 5.0 to 6.0 million cubic feet per day once a pipeline is constructed. We anticipate that if all goes well to be selling gas within 30-45 days. The current Southern California gas prices are in the $13-$15 (per thousand cubic feet) range." The company has a 1.5-per-cent working interest in the well. This discovery is adjacent to the largest gas field in the state of California, being the Rio Vista gas field, which has produced to date 3.6 trillion cubic feet of gas. (c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)

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