SOURCE: BRS Resources Ltd.
DALLAS, TX--(Marketwired - Oct 23, 2013) - BRS Resources Ltd. ("BRS") (TSX VENTURE: BRS) is pleased to announce that AleAnna Resources, LLC ("AleAnna"), an Italian exploration and production company in which BRS holds a membership interest, has identified at least four drillable natural gas prospects on its Ponte del Diavolo permit within 3 miles of Po Valley Energy's ("PVE") Gradizza-1 discovery well. AleAnna has already submitted a drilling permit application for its Tombellina prospect, also located in its Ponte del Diavolo permit, approximately 3.5 miles southwest of the Gradizza discovery. AleAnna anticipates drilling at least one of these prospects in the next 12 months.
The Gradizza-1 well, in which AleAnna owns a working interest, is located in PVE's La Prospera permit. The La Prospera permit is north and adjacent to AleAnna's Ponte del Diavolo permit. The Gradizza-1 well, drilled and completed in September 2013, encountered 33 ft (10 m) of gas-bearing sands at an approximate depth of 3,370 ft (1,028 m). The Gradizza-1 well serves as a stratigraphy test well for AleAnna's look-alike prospects within 3 miles southwest of the well. Using the Gradizza-1 well data, AleAnna can more accurately interpret and target similar-looking pay horizons in its 100%-owned prospects. All of AleAnna's prospects have been surveyed with 3D seismic technology, which greatly enhances AleAnna's ability to image geological structures and anomalies. AleAnna's prospects, as well as the Gradizza-1 well, are on trend with a number of nearby producing natural gas fields, including the Sabbioncello and Tresigallo fields, both of which have produced billions of cubic feet of natural gas.
ABOUT BRS RESOURCES
BRS Resources 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 17.5% before-payout and 25% after-payout interest in AleAnna Resources. For further information, visit 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. The Company's interests are in Italy, where it is building a presence with nine exploration permits and three permit applications in the Po Valley and Bradano basins, encompassing more than of 800,000 acres (3,250 sq km). AleAnna Resources, LLC is owned by three experienced oil and gas exploration and production companies, including BRS Resources. AleAnna's web site is www.aleannaresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
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 the Company's and/or AleAnna's plans. Forward-looking statements in this news release include statements regarding: (i) AleAnna's proposed drilling prospects and the estimated timing of same; (ii) AleAnna's discussions with working-interest partners and participation by other parties in the exploration of its projects; and (iii) AleAnna's future drilling goals generally. Actual results may differ materially from those currently anticipated due to a number of factors beyond the control of the Company and AleAnna. These risks and uncertainties include, among other things, any negative change in the law, regulatory or political environment which would negatively affect BRS/AleAnna'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 the operating costs, changes in economic conditions and conditions in the resource, foreign exchange and other financial markets, changes in the 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 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.