SOURCE: BRS Resources Ltd.

BRS Resources Ltd.

October 19, 2015 09:35 ET

AleAnna to Acquire Additional Interest in La Prospera and Zanza

­ DALLAS, TX--(Marketwired - October 19, 2015) - BRS Resources Ltd. ("BRS") (TSX VENTURE: BRS) is pleased to announce that AleAnna Resources has entered into an agreement with Joint Venture partner Po Valley Energy ("PVE") (ASX: PVE) to acquire PVE's 75% interest in the fully awarded exploration license La Prospera. The license also includes a preliminary production concession for the Gradizza gas discovery located within the license. Aleanna will also acquire PVE's share of the preliminarily awarded adjacent exploration license Zanza.

Consideration will be EUR1,850,000 with a further amount of EUR200,000 to be paid if the final production concession for Gradizza is received by August 2016. Completion of the transaction is subject to formal approval by the Ministry of Economic Development which is expected to be received in coming weeks.

BRS an international upstream oil and gas exploration and production company focused on the Mediterranean region, primarily onshore gas in Italy. Through its ownership in AleAnna Energy LLC, which owns 100% of AleAnna Resources LLC in Italy, BRS is strategically positioned to exploit Italy's vast, untapped natural gas reserves. BRS owns 17% of AleAnna Energy LLC.

"This acquisition will add to AleAnna's growing portfolio of developable gas resources in Italy's Po Valley," commented Steven Moore, president/CEO of BRS. "Italy remains a bright spot for natural gas exploration as commodity prices for natural gas continue above $8 per mcf and natural gas is recognized as a 'transition' fuel to Italy's renewable future."

For more details on these and other AleAnna projects and activities, please visit web site www.brsresources.com.

ABOUT BRS RESOURCES

BRS Resources Ltd. is listed on the TSX Venture Exchange under the symbol BRS. BRS is an upstream oil and gas exploration company focused on the Mediterranean region and, particularly onshore Italy. Currently, BRS owns a 17% interest in AleAnna. For further information, visit www.brsresources.com or follow BRS on Twitter @BRSresources and Facebook facebook.com/brsresources.

ABOUT ALEANNA RESOURCES, LLC

AleAnna is a Delaware (U.S.) limited liability company. AleAnna's interests are in Italy, where it is building a presence with nine exploration permits, five exploration applications and one production concession application in the Po Valley and Bradano basins, encompassing more than 823,904 acres (3,334 sq km). Two experienced oil and gas exploration and production companies, including BRS, own AleAnna. AleAnna's web site is www.aleannaresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Steve Moore
President/CEO
Phone: 214 276-0375

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Disclaimer for Forward-Looking Statements

This press release includes certain "forward-looking statements." Forward-looking statements are statements or projections that involve various risks and uncertainties regarding future events related to BRS's, PVE's and/or AleAnna's plans, including the anticipated filing of the Production Concession Application in early February 2014. Actual results may differ materially from those currently anticipated due to a number of factors beyond the control of BRS, AleAnna, and PVE including any negative change in the law, regulatory or political environment which would negatively affect BRS's or PVE's ability to obtain permits necessary for drilling; BRS/AleAnna's lack of sufficient financing to proceed with proposed drilling; the continued price and demand for natural gas; BRS's ability to hire and retain personnel necessary to successfully operate its business; the speculative nature of natural resource exploration activities; changes in operating costs; changes in economic conditions and conditions in the resource, foreign exchange and other financial markets; changes in investments and exploration expenditure levels; litigation, legislation, environmental, judicial, regulatory, political and competitive developments in areas in which BRS operates; technological, mechanical and operational difficulties encountered in connection with the BRS' activities; and other risk factors detailed in BRS' various filings filed on SEDAR at www.sedar.com. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and BRS disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, unless required by applicable law.

Contact Information

  • For further information, please contact

    Steven Moore
    214 276-0375
    Email contact