Welcome!

News Feed Item

BRS Resources Announces Italian Production Concession Application

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

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 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.

Add to Digg Bookmark with del.icio.us Add to Newsvine

For further information, please contact
Steven Moore
214.276.0373
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
Data-as-a-Service is the complete package for the transformation of raw data into meaningful data assets and the delivery of those data assets. In her session at 18th Cloud Expo, Lakshmi Randall, an industry expert, analyst and strategist, will address: What is DaaS (Data-as-a-Service)? Challenges addressed by DaaS Vendors that are enabling DaaS Architecture options for DaaS
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
When building large, cloud-based applications that operate at a high scale, it’s important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. “Fly two mistakes high” is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Lee...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
DevOps is not just last year’s buzzword. Companies with DevOps practices are 2.5x more likely to exceed profitability, market share, and productivity goals. But how do you enable high performance? What can you do right now to start? Find out from DevOps experts including Gene Kim, co-author of "The Phoenix Project," and the Dynatrace Center of Excellence.
SYS-CON Events announced today that Column Technologies will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Established in 1998, Column Technologies is a global technology solutions provider with over 400 employees, headquartered in the United States with offices in Canada, India, and the United Kingdom. Column Technologies provides “Best of Breed” technology solutions that automate the key DevOps principal...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
As someone who has been dedicated to automation and Application Release Automation (ARA) technology for almost six years now, one of the most common questions I get asked regards Platform-as-a-Service (PaaS). Specifically, people want to know whether release automation is still needed when a PaaS is in place, and why. Isn't that what a PaaS provides? A solution to the deployment and runtime challenges of an application? Why would anyone using a PaaS then need an automation engine with workflow ...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...