DALLAS, TEXAS–May 29, 2013: BRS Resources Ltd. (“BRS”) (TSX.V: BRS) is pleased to announce that civil work has begun on Po Valley Energy’s (ASX: PVE) Gradizza-1 exploration well located in the La Prospera permit (north of Bologna in Italy’s Po Valley). BRS holds a position in the Gradizza-1 well through its ownership interest in AleAnna Resources, LLC, an exploration and production company that owns an interest in the La Prospera permit and the Gradizza prospect.
The planned well is a 3,280 ft (1,000 m) test of a seismically-defined structure in high-quality Pleistocene-age sand. The surface location is undergoing site preparation for the move-in of the drilling rig and commencement of drilling operations. All permits have been obtained from the region and drilling is expected to commence the week of June 24th.
BRS president and CEO Steve Moore commented, “PVE is an experienced Italian operator and we are pleased to begin a partnership with them. We hope this is the first step in AleAnna developing a long-term relationship with PVE. The Gradizza prospect is supported by high-quality 2D seismic data and offers excellent potential gas resources and attractive economics in what remains a very robust gas commodity price market with natural gas prices exceeding $10/Mcf.”
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 brsresources.com.
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 805,000 acres (3,250 sq km). 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 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 povalley.com.
ON BEHALF OF THE BOARD OF DIRECTORS
For further information, please contact Steven Moore at 214.276.0373 or by email at firstname.lastname@example.org.
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 discussions with working-interest partners and participation by other parties in the exploration of its projects; and
(iii) 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 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.
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