SOURCE: BRS Resources Ltd.
DALLAS, TX--(Marketwired - Dec 4, 2013) - BRS Resources Ltd. ("BRS") (TSX VENTURE: BRS) is pleased to announce that Po Valley Energy ("PVE") completed well testing of its Gradizza-1 discovery well. PVE drilled and tested the well in September and scheduled additional tests in November. On November 20, the well tested natural gas at a stabilized rate of 696,000 cubic feet per day with 492 psi flowing tubing pressure on a 1/4-inch choke. No formation water, pressure decline, or gas impurities were recovered during testing and the bottom-hole pressure measured was approximately 1,200 psi. The well is currently shut-in, waiting on installation of surface facilities, pipeline hookup, and regulatory approvals. BRS holds an interest in the Gradizza well through its membership in AleAnna Resources, LLC.
The Gradizza-1 well, in which AleAnna owns a working interest, is located in PVE's La Prospera permit, which is north and adjacent to AleAnna's Ponte Del Diavolo permit. During the drilling phase, the Gradizza-1 well encountered 33 feet (10 m) of gas-bearing sands at an approximate depth of 3,372 ft (1,028 m). In addition, the Gradizza-1 well served as a stratigraphy test for AleAnna's look-alike prospects located within 3 miles (5 km) southwest of the well. By using the Gradizza-1 well data, AleAnna can more accurately interpret and target similar-looking pay horizons in its prospects. An added advantage for AleAnna is that all of AleAnna's prospects have been surveyed with 3D seismic technology, which greatly enhances AleAnna's ability to image geological structures and anomalies. Further, 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, which have produced more than 90 and 68 Bcf of natural gas, respectively.
BRS president and CEO Steve Moore commented, "Gradizza was an important well for AleAnna and BRS in establishing production in Italy and in broadening and quantifying our prospect portfolio in our adjacent Ponte del Diavolo permit. We are pleased with the Gradizza test data, which is in line with our pre-drill expectations and economic modeling. We are also pleased with the operational progress made by our Gradizza well partner and operator, Po Valley Energy."
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. BRS's web site is www.brsresources.com.
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.