BRS Resources Announces Completion of Gradizza Exploration Well
August 29, 2013 (Source: Marketwire) — BRS Resources Ltd. (TSX VENTURE: BRS) is pleased to announce a positive well log results following the drilling of the Gradizza-1 exploration well in the La Prospera permit operated by Po Valley Energy (“PVE”). BRS is participating in the well through its membership interest in AleAnna Resources LLC. As previously announced, AleAnna and PVE executed a farm-in agreement which allowed AleAnna to earn a 10% interest in the Gradizza prospect and La Prospera permit.
The well has reached total depth of 3,478 ft (1,030 m) and PVE completed logging operations and confirmed the identification of a gas-bearing zone in the primary target area of the Quaternary sand. The well intersected a 33-ft (10-m) gross gas column, with 30 ft (9 m) of net gas sand. PVE has elected to run casing, complete the well and start the production test. Upon evaluation of the test results, production rates will be finalized and reported.
AleAnna Resources holds a large acreage position onshore Italy with nine exploration permits and three permit applications in the Po Valley and Bradano basins, totaling more than 800,000 acres.
ABOUT BRS RESOURCES LTD.
BRS Resources Ltd. 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
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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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>