SOURCE: BRS Resources Ltd.

BRS Resources Ltd.

May 09, 2013 08:22 ET

BRS Resources to Participate in Drilling Gradizza Exploration Well

DALLAS, TX--(Marketwired - May 9, 2013) -  BRS Resources (TSX VENTURE: BRS) is pleased to announce that AleAnna Resources LLC, in which BRS owns a membership interest, will participate in the drilling of the Po Valley Energy's (ASX: PVE) Gradizza-1 exploration well in the La Prospera licence (north of Bologna in Italy's Po Valley), through a farm-in agreement executed between PVE and AleAnna.

The agreement allows AleAnna to earn a 10% interest in the drilling of the exploration well Gradizza-1, planned for late June 2013. The farm-in agreement is subject to regulatory approvals by the Italian Ministry of Economic Development (Ministero dello Sviluppo Economico). 

The La Prospera license, located in the Ferrara province north of Bologna, was awarded to PVE in September 2008. A subsequent seismic interpretation of 16,800 acre (68 km) of ENI seismic lines identified the Quaternary sands sequence within the Gradizza prospect. The Italian authorities granted final approval to drill the Gradizza-1 well in January 2013. PVE has already ordered long lead items and recently commenced civil works for the Gradizza-1 well site. The exploration well has a targeted depth of 3,280 ft (1,000 m) with Prospective Best Estimate gas Resources of 9.0 bcf.

BRS president & CEO Mr. Steven Moore commented: "The farm-in agreement with PVE is strategically important to AleAnna and BRS, because it allows us to expand our operational activities in Italy at an accelerated pace. To work with a proven operator such as PVE will be a great benefit and learning experience for us, as well. AleAnna has several licensed areas adjacent to PVE's La Prospera license, where AleAnna has carried out extensive 3D geophysical surveys and identified numerous drillable prospects and leads with excellent reserve potential and compelling expected economics."

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 eight exploration permits and three permit applications in the Po Valley and Bradano basins, encompassing a total of 804,000 acres. In the Po Valley (northern Italy), AleAnna holds seven exploration permits and two exploration permit applications expected to be awarded in 2013. In the Bradano basin (southern Italy), AleAnna holds one exploration permit and one application is expected to be awarded in 2013. 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.

ABOUT PO VALLEY ENERGY

Po Valley Energy (ASX: PVE) is an oil and gas producer and exploration company listed on the Australian Stock Exchange. It has an expanding portfolio of hydrocarbon assets in northern Italy. PVE holds 12 license areas, encompassing 2,000 square kilometers and owns and operates two gas treatment plants. The Po Valley region is the main gas production zone in Italy. PVE's web site is www.povalley.com 

ABOUT BRS RESOURCES

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 in particular onshore Italy. BRS's web site is www.brsresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS
Steve Moore
President/CEO
Phone: 214.276.0373

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.

Contact Information

  • For further information, please contact
    Steven Moore
    214.276.0373
    Email Contact