| White Gold Prospect, Yukon Lithium Alberta Oil Sands Projects Barkerville Gold Haldane Yukon Silver Stewart Gold District, BC Red Chris Gold / Copper, BC |
The Oil Sands of Canada hold recoverable reserves of 175 billion barrels with a proven reserve life of 480 years and another 130 billion barrels of potential reserves, which is second only to Saudi Arabia's 262 billion barrels. As a comparison, the United States has only 29 billion barrels of recoverable reserves and has decreasing domestic production while their demand is increasing by 1-2% every year. Canada is in an optimal position to supply oil to the US with its favorable political climate, close proximity and being one of the few non-OPEC countries which can grow its oil production.
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ALBERTA OIL SANDS PROJECTS
Leismer Oil Sands Project
In 2007 one well was drilled and according to the operator, "Interpretation of the seismic data, core hole data and log data has confirmed our initial evaluation of the data on the Leismer Prospect. Based on our Oil Sands model it appears that the formation is similar to the Petrobank channel directly to the SE of our property. Based on this data, the thickness of the McMurray Oil Sands Formation could be 22 metres (72 feet)." A larger work program would be needed to confirm the operator's interpretation and analysis. This prospect lies directly between Petrobank and North American Oil Sands. Habanero has a 30% working interest in this prospect.
Athabasca Oil Sands Region:
Habanero has acquired a 100% interest in six new strategically located Alberta Oil Sands sections. Two of these new sections lie within and are contiguous to the city of Fort McMurray in Alberta. Fort McMurray is the primary city where most of the largest Oil Sands facilities are located near, including Syncrude, Suncor and Petro-Canada. This prospect is two sections (512 contiguous hectares (1,265 acres)) located in range 10 township 89 w4 in the Athabasca Oil Sands Region.
Athabasca West Oil Sands Region:
In 2006, Habanero added two contiguous sections (512 contiguous hectares (1,265 acres)) locate to the SW of the Royal Dutch Shell prospect. Habanero has a 30% working interest.
Athabasca South Oil Sands Region:
Sunshine Prospect:
Lease number 740706374 which is comprised of Sections 34-36, 22-27, 13-15, Township 78, Range 17, West of the Fourth Meridian. This property consists of 12 contiguous sections (3072 hectare (7491 acres)). This property borders Sunshine Oilsands Ltd. Habanero has a 100% interest in this prospect.
Koch Prospect:
Lease number 740706373 which is comprised of Section 27-34, Township 75, Range 15, west of the Fourth Meridian. This property consists of seven contiguous sections (1792 hectares (4m428 acres)). This property is bordered by Koch Industries Inc. Habanero has a 100% interest in this prospect.
ANDORA ENERGY INVESTMENT
Habanero has earned into over 88 SQUARE MILES (88 sections, approximately 57,000 acres) of CONTIGUOUS ALBERTA OIL SANDS LEASES through its equity ownership in a private Oil Sands company. Andora Energy Corporation is a private Calgary, Alberta based company established to develop heavy oil resources and to establish production from the prolific Oilsands deposit in the Peace River District in the province of Alberta, Canada. Since its inception the company has focused on creating value for shareholders by specifically targeting large, high quality, contiguous resources. The Company has been focused and successful in the consolidation of the Sawn Lake Oil Sands Resource; with 88 gross sections, in excess of 2 billion gross barrels of oil in place, 3P reserves of 235,328,000 gross barrels and a before tax Net Asset Value (NAV) of $2,450,000,000.00 discounted at 10%.
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Andora Energy Corporation has received Commercial Scheme Approval for a Steam Assisted Gravity Drainage (SAGD) recovery process under the Oil Sands Conservation Act from the Energy Resources Conservation Board (ERCB) and approval from the Government of Alberta under the Environmental Protection and Enhancement Act (EPEA). The Pilot location is on Andora 100% owned acreage within the South Block of its Sawn Lake Property in the Peace River Oil Sands Region.
The objective of the pilot is to demonstrate the feasibility of producing bitumen from the Bluesky Zone at economic rates as well as the technical feasibility of the SAGD thermal recovery process allowing Andora to validate the design the commercial project. The pilot will consist of a single well pair and associated steam injection and bitumen production facilities for an estimated cost of $15 million. All season access into the site is now complete.
Habanero management feels that the synergies with this massive Oil Sands land package will be a major future catalyst to the growth of Habanero and look forward to the coming months and years as this huge area is developed. Habanero owns 700,000 shares of Andora that the company paid $350,000 In September 2006, we were given the option to tender our shares in Andora Corporation for cash and shares in Pan Orient Energy valued at approximately $1.25 per share but we chose not to.
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