DALLAS, Oct. 12 /PRNewswire-FirstCall/ -- Bonanza Resources Corporation ("Bonanza") (TSX.V: BRS; FRANKFURT: B4G) today announced it has executed a Letter of Intent with Bluescape Resources Company LLC ("Bluescape") to partner in acquiring the membership interests of AleAnna Energy LLC. 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.
Bluescape is a private, independent oil and gas company headquartered in Dallas, Texas (www.bluescaperesources.com). The company is actively involved in unconventional natural gas resource plays in the U.S., particularly the Marcellus Shale play of the Appalachian Basin. Bluescape will be an equity owner in AleAnna Energy along with Bonanza, as well as provide interim bridge financing to Bonanza if needed to close the acquisition. The deal is expected to close by the end of October.
"Bonanza is pleased to be working with Bluescape Resources in acquiring AleAnna Energy," stated Steve Moore, president of Bonanza Resources (Texas) Inc. "Bluescape is a team of experienced energy professionals that have an extensive record of capitalizing on unique, energy-related opportunities, such as this one in Italy where gas prices are currently above $10 per mcf."
AleAnna Resources (www.aleannaresources.com) is the second largest license holder on-shore in Italy. AleAnna Resources holds eleven licenses totaling over 800,000 acres. Nine of the licenses are in the Po Valley region (northern Italy), the second most prolific onshore gas basin in Europe, and an additional two licenses in the oil rich Bradano Basin (southern Italy). AleAnna Resources is the first company to complete a 3d seismic shoot on-shore in Italy. The shoot was completed in the Corte dei Signori concession in March 2009 and several large prospects were identified.
About Bonanza Resources Corporation:
Bonanza Resources Corporation is listed on the TSX.V Exchange under the symbol BRS.
The Company is an independent international oil and gas company focused on the development and production of international oil and natural gas reserves.
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. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding plans for completion, production potential, other targeted areas and expansion and development plans and objectives of Bonanza Resources Corporation are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this Release.
SOURCE Bonanza Resources Corporation