BrazAlta Resources Corp. ("BrazAlta" or the "Corporation") is pleased to announce that it has entered into an agreement, through its wholly owned service company BCH Ltd. ("BCH"), with Petroleo Brasileiro S.A. ("Petrobras") to provide onshore drilling services. The duration of this initial contract with Petrobras is for 100 days and is expected to begin on February 25, 2007 with the mobilization of BCH's telescopic double drilling Rig - JR01 to the Sergipe basin.
Brazalta expects that this contract will strengthen the relationship with Petrobras, and benefit Brazalta as it moves forward and expands its operations in Brazil.
Mobilization of Second Drilling Rig and Service Rig
The Corporation also reports that BCH's second drilling rig - JR02, and the recently purchased service rig - SR101, have left port in Houston and are expected to arrive in Brazil in early March. JR02 is expected to be spud its first well in early May. SR101 will also be mobilized by early May and will begin well repair and well re-completion activities.
BrazAlta is a publicly traded Canadian based international oil and gas corporation with operations in Brazil, Northern Ireland and Canada.
This press release may contain statements within the meaning of safe harbour provisions as defined under US Laws and Regulations. The above statements are based on the current expectations and beliefs of BrazAlta's management and are subject to a number of risks and uncertainties that may cause the actual results to differ materially from those described above. BrazAlta does not undertake any responsibility with regard to the accuracy of this press release nor the obligation to update the abovementioned information.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
David R. P. Mears
BrazAlta Resources Corp.
President & CEO
(403) 561-1648
Email: dmears@brazalta.com
Craig F. Nieboer
BrazAlta Resources Corp.
CFO
(403) 237-9925
Email: cnieboer@brazalta.com
Source: BrazAlta Resources Corp.
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