|By Marketwired .||
|February 3, 2014 11:17 AM EST||
DALLAS, TX -- (Marketwired) -- 02/03/14 -- BRS Resources Ltd. ("BRS") (TSX VENTURE: BRS) reported in December 2013 that Po Valley Energy Ltd. ("PVE") had completed rig-less well testing of its newly drilled Gradizza-1 discovery well (the "Gradizza Well"). PVE and its farm-in partners, which include AleAnna Resources, LLC ("AleAnna"), have agreed to apply for a Production Concession and anticipate filing the Production Concession Application in early February 2014. BRS holds an interest in the Gradizza Well through its ownership in AleAnna.
PVE initially drilled and tested the Gradizza Well in September 2013 and carried out additional tests in November 2013. The Gradizza Well is located on the top of the crest and intersects 33 ft (10 m) of net gas sand. No gas-water contact was detected. The Gradizza Well tested natural gas at a stabilized rate of approximately 700,000 cubic feet per day, with 500 psi flowing tubing pressure on a 1/4-inch choke. No formation water, pressure decline or gas impurities were recovered during testing, and the bottom-hole pressure measured approximately 1,200 psi.
The following information is a summary of the information in a press release issued by PVE on January 30, 2014, which can be found on PVE's website at www.povalley.com and should be read in conjunction with the disclosure in PVE's press release.
PVE released a Contingent Resource Assessment for the Gradizza Well in which Prospective Resources were reclassified as Contingent Resources. Contingent Resources estimates, assuming a 100% working interest in the Gradizza Well, are summarized as follows: 1C (low case) - 1.6 billion cubic feet (Bcf); 2C (best case) - 3.6 Bcf; C3 (high case) - 8.8 Bcf. Contingent Resources may be re-classified as Reserves based on many factors including economic, legal, environmental, political and regulatory matters, including a preliminary Production Concession must be granted by the Ministry of Economic Development in Italy. The Contingent Resources is comprised of natural gas excluding natural gas liquids.
The Gradizza Well volumes estimates are reported in accordance with SPE/WPC/AAPG/SPEE Petroleum Resource Management System. Contingent Resources are indicated as those quantities of gas estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable due to one or more contingencies. There is no certainty that it will be commercially viable for PVE to produce any portion of the Contingent Resources.
1C denotes low case estimate scenario of Contingent Resources. When applied to the Gradizza Well, they include the gas volume limited to the gas down to (GDT) and the petro-physical features deriving from the electrical logs and the surrounding wells drilled in the past.
2C denotes best estimate scenario of Contingent Resources. When applied to the Gradizza Well, the 2C includes1C plus the volume limited to the structural closures of the fault block tested by the well.
3C denotes high estimate scenario of Contingent Resources. When applied to the Gradizza Well, the 3C resource includes the 2C resource plus the volume limited to the spill point.
Steve Moore, the President and CEO of BRS, commented, "The Gradizza Well is important to AleAnna and BRS in establishing production in Italy and in broadening and quantifying our prospect portfolio in our adjacent permits. The Gradizza test data are in line with our pre-drill expectations and economic modeling, and we are also pleased with the permitting and operational progress being made by our Gradizza Well partner and operator, PVE."
ADDITIONAL INFORMATION ON THE FIELD
The La Prospera exploration permit, located in the Ferrara province north of Bologna, was awarded in September 2008. A subsequent seismic interpretation of 42 miles (68 km) of ENI seismic lines identified the Gradizza prospect. The Gradizza structure consists of a sandstone Quaternary target (Asti sands Fm.) at a total measured depth of 2,808 ft (856 m). PVE holds a 75% equity interest and operatorship through a joint venture with Petrorep Italiana Spa (15%) and AleAnna (10%).
ABOUT BRS RESOURCES
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, particularly onshore Italy. Currently, BRS owns a 25% after-payout interest in AleAnna. For further information, visit brsresources.com or follow BRS on Twitter @BRSresources and Facebook facebook.com/brsresources.
ABOUT ALEANNA RESOURCES, LLC
AleAnna is a Delaware (U.S.) limited liability company. AleAnna's interests are in Italy, where it is building a presence with nine exploration permits and three permit applications in the Po Valley and Bradano basins, encompassing more than 800,000 acres (3,250 sq km). AleAnna is owned by three experienced oil and gas exploration and production companies, including BRS. AleAnna's web site is www.aleannaresources.com.
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 BRS's, PVE's and/or AleAnna's plans, including the anticipated filing of the Production Concession Application in early February 2014. Actual results may differ materially from those currently anticipated due to a number of factors beyond the control of BRS, AleAnna, and PVE including any negative change in the law, regulatory or political environment which would negatively affect BRS's or PVE'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 operating costs; changes in economic conditions and conditions in the resource, foreign exchange and other financial markets; changes in 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 and BRS 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, unless required by applicable law.
For further information, please contact
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Apr. 29, 2017 05:00 AM EDT Reads: 1,467
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Apr. 29, 2017 04:15 AM EDT Reads: 884
Judith Hurwitz is president and CEO of Hurwitz & Associates, a Needham, Mass., research and consulting firm focused on emerging technology, including big data, cognitive computing and governance. She is co-author of the book Cognitive Computing and Big Data Analytics, published in 2015. Her Cloud Expo session, "What Is the Business Imperative for Cognitive Computing?" is scheduled for Wednesday, June 8, at 8:40 a.m. In it, she puts cognitive computing into perspective with its value to the busin...
Apr. 29, 2017 04:00 AM EDT Reads: 3,802
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
Apr. 29, 2017 02:30 AM EDT Reads: 9,346
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
Apr. 29, 2017 01:45 AM EDT Reads: 1,285
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Apr. 29, 2017 01:45 AM EDT Reads: 1,567
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
Apr. 29, 2017 01:15 AM EDT Reads: 915
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
Apr. 29, 2017 12:30 AM EDT Reads: 944
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
Apr. 29, 2017 12:00 AM EDT Reads: 1,052
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Apr. 29, 2017 12:00 AM EDT Reads: 980
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Apr. 28, 2017 11:45 PM EDT Reads: 2,380
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Apr. 28, 2017 11:30 PM EDT Reads: 2,756
Translating agile methodology into real-world best practices within the modern software factory has driven widespread DevOps adoption, yet much work remains to expand workflows and tooling across the enterprise. As models evolve from pockets of experimentation into wholescale organizational reinvention, practitioners find themselves challenged to incorporate the culture and architecture necessary to support DevOps at scale. In his session at @DevOpsSummit at 20th Cloud Expo, Anand Akela, Senior...
Apr. 28, 2017 10:45 PM EDT Reads: 1,950
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Apr. 28, 2017 10:30 PM EDT Reads: 1,627
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.
Apr. 28, 2017 10:30 PM EDT Reads: 2,500