SOURCE: BRS Resources Ltd.

BRS Resources Ltd.

May 16, 2012 10:39 ET

BRS Resources Announces Update on Italian Drilling Activities

DALLAS, TX--(Marketwire - May 16, 2012) - BRS Resources Ltd. (TSX VENTURE: BRS) ("BRS") announced today that AleAnna Resources LLC ("AleAnna"), a company focused on the Italian energy market, in which BRS owns a seventeen percent (17%) membership interest, has stepped up its activities in filing for new drilling applications on its permit areas in Italy. AleAnna expects the pace of its drilling activities to increase substantially in the coming months as a number of drilling locations are identified through the company's ongoing 3-D seismic exploration program.

AleAnna has already completed two large 3-D seismic acquisition programs in Italy, with a third seismic survey currently being carried out in the Ponte Dei Grilli permit area located in the southeastern Po Valley, an area on trend with several large proven gas fields. The processed data from these surveys is important in identifying and mapping drillable subsurface geological structures that have the potential to hold commercial quantities of hydrocarbons.

"At this time, we're shifting our operational emphasis from data acquisition to drilling," commented Steven Moore, president of BRS Resources. "AleAnna already has the largest portfolio of newly acquired 3-D seismic data of any company operating onshore Italy and we have identified a myriad of drillable prospects. We want to help Italy boost its domestic production of natural gas, and we can only do that by drilling."

"During the next few months AleAnna plans to submit drilling applications for wells in a minimum of three permit areas," continued Moore. "Although we don't know how quickly the Italian government will approve these applications, we want to diversify our options and be in a position to move quickly when the opportunities arise."

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. 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.

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.

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.

This press release includes certain "Forward-Looking Statements." Words such as "grow," "fullest potential," and words of similar import also identify forward-looking statements. Forward-looking statements in this news release may include statements about when and where BRS/AleAnna will be operating, and when BRS/AleAnna's exploration activity will take place. 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 w0hich 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