BRS Increases Position in Italy's Po Valley

AleAnna Energy LLC  a company owned 49% by BRS Resources Ltd. and 51% by Bluescape Resources Company LLC , has acquired an additional 20% interest in AleAnna Resources LLC, one of the largest independent oil and gas exploration and production companies operating in Italy, from Saxon Oil Company.

AleAnna Resources LLC has eight "Exploration Permits" and three "Applications for Exploration Permits," totaling more than 800,000 acres (3,250 sq km), the majority of the which is located in Italy's prolific Po Valley, Europe's second largest onshore gas province.

As a result of the acquisition of the Saxon Interest, AleAnna Energy now owns 35% of AleAnna Resources, with an additional 20% back-in interest. Through its 49% membership interest in AleAnna Energy, BRS owns approximately 25% of AleAnna Resources after payout.

"BRS is pleased that AleAnna Energy has completed this transaction with Saxon. For BRS, it strengthens our position in Italy, an area of the world with upside in natural gas exploration and production," commented Steve Moore, president and CEO of BRS. "The acquisition also simplifies the picture for investors. BRS is clearly establishing itself as a player in the European natural gas marketplace."

Source: BRS Reources