SOURCE: BRS Resources Ltd.

BRS Resources Ltd.

April 26, 2011 09:15 ET

BRS Resources Announces Operational Update of Its Italy Activities

DALLAS, TX--(Marketwire - Apr 26, 2011) - BRS Resources Ltd. (TSX-V: BRS) ("BRS" or the "Company") today announced an operational update of its activities in Italy through its membership interest in AleAnna Resources LLC ("AleAnna").

As of today, the Italian Ministry of the Economic Development has awarded AleAnna a total of eight exploration permits and subsequently published the awarding of these permits in the Official Bulletin of Hydrocarbons and Geothermal Resources. Five of the exploration permits were awarded in the last 9 months -- Molino, Bugia, Fantozza, and Belgioioso in the Po Valley (northern Italy) and Torrente Acqua Fredda in the Bradano basin (southern Italy), an area with a history of significant oil and natural gas production. The other three exploration permits -- Corte dei Signori, Ponte dei Diavolo, and Ponte dei Grilli -- were awarded and announced previously. AleAnna's three remaining Applications for Exploration Permits -- two in the Po Valley and one in the Bradano basin -- should be awarded later this year.

Earlier this year AleAnna contracted with Geotec SpA to perform a 3D seismic acquisition program on its Ponte dei Diavolo permit area in the Po Valley. The Ponte dei Diavolo permit area, located southwest of Venice, covers an area of approximately 50,000 acres (200 sq km) with numerous natural gas exploration targets on trend with several large existing gas fields. The seismic program, covering approximately 39,000 acres (156 sq km), is in its permitting and design phase. AleAnna is also considering two additional 3D seismic acquisition programs on other permit areas for later in the year.

AleAnna already completed a 32,124-acres (130-sq km), 3D seismic program in its Corte dei Signori permit area, which identified several significant structural anticlines and has completed all preliminary work and filings related to drilling its first well. Barring any unforeseen issues, AleAnna expects final approval from both regional and federal governments shortly and will then begin prepping the well site. AleAnna is currently proceeding with contracting for the drilling rig and finalizing the design of the well bore.

"This is a very exciting time for AleAnna Resources and BRS Resources. We're close to wrapping up the exploration permit application process and will soon commence our drilling program. Our first well in the Corte dei Signori permit area is slated to begin drilling shortly," stated Steve Moore, president/CEO of BRS Resources Ltd. "We also pioneered 3D seismic acquisition technology onshore Italy. And we're ready to begin our second 3D seismic acquisition survey, the next step in a well-funded, well-planned exploration and production program over the next several years in Italy."

ABOUT BRS RESOURCES

BRS Resources is listed on the TSX.V Exchange under the symbol BRS. The Company is an independent international oil and gas company focused on the development and production of oil and natural gas reserves. BRS owns a 7% membership interest (17% after payout) in AleAnna Resources LLC, an oil and gas exploration and production company operating exclusively in Italy. AleAnna has eight "Exploration Permits" and three "Applications for Exploration Permits," totaling more than 800,000 acres (3,250 sq km), approved by the Italian Ministry of Economic Development (General Directorate for Energy and Mining Resources, National Mining Office for Hydrocarbons and Geothermics). The majority of the acreage is located in Italy's prolific Po Valley, Europe's second largest onshore gas province, where historically 27 trillion cubic feet of natural gas (Tcf) have been produced and where significant infrastructure is already in place.

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.

This press release includes certain "Forward-Looking Statements". Words such as "barring any unforeseen issues", "will soon commence", "slated to begin shortly", should be awarded", and words of similar import also identify forward-looking statements. Forward-looking statements in this news release include statements about when and where BRS/AleAnna will drill its first well, and when BRS/AleAnna's exploration permit applications are expected to be awarded. Actual results may differ materially from those currently anticipated due to a number of factors beyond the Company's control. 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, and other factors beyond the Company's or AleAnna's control. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.

Contact Information

  • For further information, please contact
    David Russell
    Director of Investor Relations/Corporate Communications
    (214) 699-9470
    Email Contact