DALLAS, TX, Jul 11, 2013 (Marketwired via COMTEX) - BRS Resources Ltd. ("BRS") CA:BRS -11.11% is pleased to announce that AleAnna Resources LLC, an Italian exploration company in which BRS holds a membership interest, has executed a Letter of Intent with an undisclosed party ("party") to participate in AleAnna's exploration activities in Italy.
In the proposed agreement, the party will pay AleAnna a prospect fee and receive a non-exclusive license to AleAnna's propriety 3D data acquired in the Corte de Signori permit area totaling approximately 32,000 acres (129 sq km). In addition, the party will pay 100% of the cost to drill a well and, in return, earn 50% of the beneficial working interest. The parties have agreed on an area of mutual interest within the Corte dei Signori permit which represents approximately 4,000 acres (16 sq km).
BRS president and CEO Steve Moore commented, "It's great to see AleAnna Resources attract a new partner with such strong financial and technical resources. This agreement, combined with the recently executed participation in Po Valley Energy's Gradizza-1 well, ensure an active drilling program for AleAnna in 2013 and 2014."
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, particularly 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.
ON BEHALF OF THE BOARD OF DIRECTORS
Steve Moore President/CEO
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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Disclosure: I am long OTC:BRSOF.