Bonanza Resources, an oil and gas company, has executed a letter of intent with Bluescape Resources to partner in acquiring the membership interests of AleAnna Energy.
AleAnna Energy owns a membership interest in AleAnna Resources, a privately owned company with a portfolio of oil and gas assets 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, which is scheduled to be drilled in the first quarter of 2011.
Bluescape is an oil and gas company headquartered in Dallas, Texas, and is involved in unconventional natural gas resource plays in the US, particularly the Marcellus Shale play of the Appalachian Basin.