BRS Resources Gets Additional 20% Interest In Italy-Focused AleAnna Resources

Acquired an additional 20% WI in Italy-based AleAnna Resources LLC, which has 8 exploration permits and 3 applications for exploration permits, totaling more than 800,000 acres, primarily in Italy's Po Valley.

BRS Resources Ltd., Dallas, (Toronto Venture: BRS) has jointly acquired an additional 20% interest in Italy-based AleAnna Resources LLC, a company owned 49% by BRS and 51% by privately held, Dallas-based Bluescape Resources Co. LLC from Saxon Oil Co. Ltd., Houston, (Toronto Venture: SXN) for an undisclosed amount in cash and stock.

BRS issued 750,000 shares and paid an undisclosed cash amount for the interest.

AleAnna has eight exploration permits and three applications for exploration permits, totaling more than 800,000 acres (3,250 square kilometers). The majority of the acreage is in Italy's Po Valley.

AleAnna Energy held 15% of the membership interest in AleAnna Resources, with an additional 20% back-in interest after payout. 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.

Saxon sold the interest to complete its recent efforts to exit from all nondomestic oil and gas opportunities. The company will continue to focus on its existing producing properties in Texas, Oklahoma and New Mexico.