Bonanza Enters LOI with Bluescape in Italy

Bonanza has executed a Letter of Intent with Bluescape to partner in acquiring the membership interests of AleAnna. AleAnna Energy owns a membership interest in AleAnna Resources LLC, a privately owned company with a portfolio of oil and gas assets uniquely positioned in the Po Valley and Bradano basins of Italy.

The AleAnna Energy membership interest in AleAnna Resources includes a 15% working interest, and an additional 20% back-in working interest after payout, and a carry on the cost to drill the first well. The well is scheduled to be drilled in the first quarter of 2011.