SOURCE: BRS Resources Ltd.
DALLAS, TX--(Marketwired - Apr 18, 2013) - BRS Resources (TSX VENTURE: BRS) ("BRS" or the "Company"), an upstream oil and gas exploration company focused on the Mediterranean region and in particular onshore Italy, is pleased to provide an update on its ongoing activities. BRS owns a membership interest in AleAnna Resources ("AleAnna"), one of the largest independent oil and gas exploration and production companies operating in Italy. AleAnna has built a presence in Italy with eight exploration permits and three permit applications in the Po Valley and Bradano basins, encompassing a total of 804,000 acres.
AleAnna has now completed three 3D seismic surveys covering portions of three permit areas in the eastern Po Valley. With surveys covering more than 87,000 acres (353 sq km), AleAnna is the leading onshore company in Italy in gathering, processing and interpreting 3D seismic data using advanced geophysical technologies. This data has identified numerous drillable prospects and leads with excellent reserve potential and compelling expected economics.
Last month, AleAnna exhibited five of these prospects to potential partners at the APPEX show in London with very favorable response from viewers. AleAnna management believes that the addition of substantial working-interest partners could accelerate exploration efforts. Subsequently, AleAnna has initiated dialogues with a number of interested companies. Further, AleAnna remains in discussions with other Italian operators about participation in their wells, some of which are expected to begin drilling in the second and third quarters of 2013. AleAnna is currently filing two drilling permits -- one in its Ponte dei Grilli permit area and other in its Ponte del Diavolo permit area.
In other news, the Company announces that James Wicklund has resigned as a director of the Company effective as of February 13, 2013. The Board of Directors of the Company thanks Mr. Wicklund for his contribution and service to the Company and wishes him well in future endeavors. Currently the Company does not have plans to replace Mr. Wicklund.
ABOUT BRS RESOURCES
BRS Resources 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.
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 reserve potential and expected economics; (iii) AleAnna's discussions with working-interest partners and participation by other parties in the exploration of its projects; 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, 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.