AleAnna Wraps Up Seismic Survey in Italy

BRS Resources announced that AleAnna, an Italian oil & gas exploration company in which BRS owns a membership interest, has completed a 30,000 acre (136 sq km) 3-D seismic acquisition survey on the Ponte Del Diavolo exploration permit area in Italy. The 64,000 acre (258 sq km) Ponte Del Diavolo permit area is located in southeastern Po Valley, and is on trend with a number of large natural gas fields. Ponte Del Diavolo is the second large 3-D seismic survey AleAnna has completed onshore Italy. Reservoir Geophysical Corp. in Houston, TX has been awarded the reprocessing work for the 3-D seismic survey and processing of the data has begun. In addition, AleAnna has filed a work commencement application with the Italian Ministry of Economic Development for its third 3-D seismic survey, this one on the Ponte Dei Grille exploration permit area, also in southeastern Po Valley.

AleAnna has also received a letter from the Italian Ministry of Economic Development confirming it has all of the necessary government approvals and that upon receipt of the required drilling bonds and guarantees, AleAnna will proceed with the drilling the Gallare 6d well. AleAnna is negotiating the final agreements with the landowner so civil work on the well site can commence. Spud date for drilling the well will be largely dependent on drilling rig availability, but is expected to occur in the fourth quarter of 2011.

The Gallare 6d well is located in the Corte dei Signori permit area in the eastern half of the Po Valley, a prolific natural gas producing region in northern Italy. AleAnna shot 3d seismic on this permit area in 2009 and has identified numerous drilling prospects.

"We're excited at being so close to drilling our first well in Italy's Po Valley. Although it has taken longer than originally anticipated, we believe the Italian approval process is improving. The Italian government, as part of its current austerity package, recognizes the need to develop the country's oil and gas assets. At the same time, the government acknowledges the need to reduce the time associated with the oil and gas permitting process," stated Steve Moore, president of BRS. "While preparing to drill this well, AleAnna's team is working on a drilling plan for AleAnna's second well, which will target an untested deeper formation where 3-D seismic data supports the possibility of a gas-rich reservoir. AleAnna has identified numerous drilling prospects and will continue to participate in 3-D seismic acquisitions and accelerate its drilling program with the goal of drilling at least two wells every year."