BrazAlta Resources Corp.

BrazAlta Resources Corp.

May 16, 2006 09:00 ET

BrazAlta Resources Corp. Acquires a Deep Drilling Rig

CALGARY, ALBERTA--(CCNMatthews - May 16, 2006) - BrazAlta Resources Corp. ("BrazAlta" or "Corporation") (TSX VENTURE:BRX) is pleased to announce that the Corporation has acquired a drilling rig with a 2,000 meter plus depth capability for USD $2,750,000. The rig is currently located in Houston and will be transported to Brazil with the expectation of development well drilling commencing with the rig after mid year 2006.

As previously disclosed, BrazAlta has executed a strategic alliance with Schlumberger Servicos de Petroleo Ltda. (SLB) through a concessionaire and joint venture partner W.Washington Empreendimentos Participacoes Ltda. ("WWashington"). SLB is the Brazilian subsidiary of the Schlumberger Group, a worldwide services provider leader in the oil industry.

It still remains BrazAlta's intention to work with SLB under the terms of the strategic alliance on the development lands.

BrazAlta is a publicly traded Canadian based international oil and gas corporation with operations in Brazil, Northern Ireland and Canada.

This press release may contain statements within the meaning of safe harbour provisions as defined under US Laws and Regulations. The above statements are based on the current expectations and beliefs of BrazAlta's management and are subject to a number of risks and uncertainties that may cause the actual results to differ materially from those described above. BrazAlta does not undertake any responsibility with regard to the accuracy of this press release nor the obligation to update the abovementioned information.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • BrazAlta Resources Corp.
    David R. P. Mears
    President & CEO
    (403) 561-1648