SOURCE: BRS Resources Ltd.

BRS Resources Ltd.

September 27, 2011 13:09 ET

BRS Resources Announces Operational Update on Italian E&P Activities

DALLAS, TX--(Marketwire - Sep 27, 2011) - BRS Resources Ltd. (TSX-V: BRS) ("BRS" or the "Company") announced today that AleAnna Resources LLC ("AleAnna"), an Italian oil & gas exploration company in which BRS owns a membership interest, has completed a 30,000 acre (136 sq km) 3-D seismic acquisition survey on the Ponte Del Diavolo exploration permit area in Italy. The 64,000 acre (258 sq km) Ponte Del Diavolo permit area is located in southeastern Po Valley, and is on trend with a number of large natural gas fields. Ponte Del Diavolo is the second large 3-D seismic survey AleAnna has completed onshore Italy. Reservoir Geophysical Corp. in Houston, TX has been awarded the reprocessing work for the 3-D seismic survey and processing of the data has begun. In addition, AleAnna has filed a work commencement application with the Italian Ministry of Economic Development for its third 3-D seismic survey, this one on the Ponte Dei Grille exploration permit area, also in southeastern Po Valley.

AleAnna has also received a letter from the Italian Ministry of Economic Development confirming it has all of the necessary government approvals and that upon receipt of the required drilling bonds and guarantees, AleAnna will proceed with the drilling the Gallare 6d well. AleAnna is negotiating the final agreements with the landowner so civil work on the well site can commence. Spud date for drilling the well will be largely dependent on drilling rig availability, but is expected to occur in the fourth quarter of 2011.

The Gallare 6d well is located in the Corte dei Signori permit area in the eastern half of the Po Valley, a prolific natural gas producing region in northern Italy. AleAnna shot 3d seismic on this permit area in 2009 and has identified numerous drilling prospects.

"We're excited at being so close to drilling our first well in Italy's Po Valley. Although it has taken longer than originally anticipated, we believe the Italian approval process is improving. The Italian government, as part of its current austerity package, recognizes the need to develop the country's oil and gas assets. At the same time, the government acknowledges the need to reduce the time associated with the oil and gas permitting process," stated Steve Moore, president of BRS. "While preparing to drill this well, AleAnna's team is working on a drilling plan for AleAnna's second well, which will target an untested deeper formation where 3-D seismic data supports the possibility of a gas-rich reservoir. AleAnna has identified numerous drilling prospects and will continue to participate in 3-D seismic acquisitions and accelerate its drilling program with the goal of drilling at least two wells every year."

ABOUT BRS

BRS is listed on the TSX Venture 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, 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 27 trillion cubic feet of natural gas (Tcf) have been produced and where significant infrastructure is already in place.

ON BEHALF OF THE BOARD OF DIRECTORS

Steve Moore
President/CEO

For further information, please contact David Russell, Director of Investor Relations/Corporate Communications, at 214-699-9470 or by email at drussell@brsresources.com.

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 future seismic surveys; (ii) AleAnna's proposed drilling of the Gallare 6d well and the estimated timing of same; (iii) drill plans for AleAnna's second well; and (iv) 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, lack of sufficient financing to proceed with proposed 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