Bonanza Resources Acquires Interests in Italy

DALLAS, Nov. 8, 2010 /PRNewswire/ -- Bonanza Resources Corporation ("Bonanza" or "the Company") (TSX.V: BRS; FRANKFURT: B4G) is pleased to announce today that Bonanza, along with its partner, Bluescape Resources LLC, have completed the acquisition of 100% of the membership interests in AleAnna Energy LLC.  AleAnna Energy LLC owns a 15% membership interest in AleAnna Resources LLC, which holds eleven exploration permit applications in the Italian Po Valley and Bradano basins, encompassing a total of 3,100 sq kilometers (760,000 acres).

Bluescape is a private, independent oil and gas company headquartered in Dallas, Texas (www.bluescaperesources.com). Bluescape is an equity owner in AleAnna Energy along with Bonanza and provided interim bridge financing to Bonanza to close the acquisition. Once permanent financing is in place, Bonanza and Bluescape will own 49% and 51% of AleAnna Energy, respectively.

In Northern Italy's Po Valley, AleAnna Resources currently holds five active exploration permits. The fifth permit, on the Bugia block, covering 197.8 sq kilometers (48,877 acres), was awarded on September 28th, 2010. AleAnna Resources has four additional permit applications in the Po Valley Region, all of which are expected to be awarded by the end of 2011 or early 2012.  

In the Bradano basin in Southern Italy, AleAnna Resources received its first exploration permit for the Torrente Acqua Fredda block, covering 66.24 sq kilometers (16,368 acres) in late October 2010.  AleAnna Resources has submitted a second application for a property in the Bradano basin which is expected to be awarded in 2011 or early 2012. These permit application areas are on trend with several recent oil / gas discoveries in the Bradano basin.

AleAnna Resources has an excellent position in the Po Valley, one of the most prolific gas basins in Europe and is the second largest holder of permit application areas behind ENI/Agip.  In March 2009, AleAnna Resources completed a 130 sq kilometer (32,124 acres), state-of-the-art 3-D seismic shoot in the Corte dei Signori license area, identifying several significant structural anticlines.   AleAnna Resources will drill its first well on the Corte dei Signori license area – Gallare Field – in early 2011.  AleAnna Energy is carried on the cost of drilling the first well.  AleAnna Energy also holds an additional 20% back-in working interest after payout in AleAnna Resources, which will bring AleAnna Energy's total working interest in AleAnna Resources to 35% after payout.

About Bonanza Resources Corporation

Bonanza Resources Corporation is a Texas-based Canadian company, trading on the TSX Venture Exchange under the symbol BRS. The Company is an independent international oil and gas company engaged in the acquisition, development and production of oil and natural gas reserves. The Company seeks to deliver strong shareholder returns through an effective exploration and development program that incorporates sound business practices with the latest oil field technologies.

For further information, please contact David Russell, Director of Investor Relations, at (214) 699-9470.

Forward-looking Statements

This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended.  Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements in this news release include statements about when and where AleAnna will drill its first well, when AleAnna's exploration permit applications are expected to be awarded, and the Company's proposed debt settlement.  Actual results may differ materially from those currently anticipated due to a number of factors beyond the Company's control.  These risks and uncertainties include, among other things, any negative change in the law, regulatory or political environment which would negatively affect AleAnna's ability to obtain permits necessary for drilling, the failure of the TSX Venture Exchange to approve the debt settlement, and other factors beyond the Company's or AleAnna's control.  These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.

Neither 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.

SOURCE Bonanza Resources Corporation