Brownstone Energy Inc. Releases Unaudited Results for the Three Months Ended September 30, 2012
27 November 2012 - 9:02PM
Marketwired Canada
Brownstone Energy Inc. (TSX VENTURE:BWN)(OTCQX:BWSOF) ("Brownstone" or the
"Company") today announces its unaudited results for the three months ended
September 30, 2012.
As at September 30, 2012, the Company had cash and cash equivalents of $10.7
million as compared to $18.2 million as at June 30, 2012. Investments at fair
value totaled $3.0 million as at September 30, 2012 as compared to $2.8 million
as at June 30, 2012. Also as at September 30, 2012, exploration and evaluation
assets totaled $49.7 million as compared to $45.1 million as at June 30, 2012.
Financial Highlights for the three months ending September 30, 2012 with
comparatives:
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Three months ended
Operating Results September 30,
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2012 2011
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Realized losses on disposal of investments, net $ - $ (191,331)
Net change in unrealized losses on investments (287,466) (2,372,268)
Net investment losses (287,466) (2,563,599)
Total expenses 720,759 836,438
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Loss for the period (1,095,691) (3,343,326)
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Basic and diluted loss per common share (0.01) (0.03)
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Consolidated statements of financial position September 30,
highlights 2012 June 30, 2012
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Cash and cash equivalents $ 10,700,948 $ 18,197,006
Investments, at fair value 2,984,003 2,771,469
Exploration and evaluation assets 49,681,931 45,141,148
Total assets 65,314,223 67,650,272
Total liabilities 1,424,030 1,150,868
Share capital, warrants and broker warrants,
contributed surplus 120,678,452 120,550,480
Foreign currency translation reserve (2,570,231) (928,739)
Deficit (54,218,028) (53,122,337)
Working Capital 13,614,107 20,793,675
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During the three months ended September 30, 2012, the Company spent net cash of
$5,609,983 on exploration and evaluation assets as compared to $2,961,266 during
the three months ended September 30, 2011.
Brownstone also advises that the Board of Directors has approved the grant of
2,390,000 options to certain officers, directors, employees and consultants of
the Company. Each option is exercisable into one common share of the Company for
a period of five years, vesting quarterly for a period of 18 months, at a price
equal to the closing price of the Company's common shares on the TSX Venture
Exchange on November 28, 2012.
Brownstone is currently participating in several oil and gas exploration
projects based in Colombia, Israel, United States (Colorado/Utah and Oregon),
and Argentina.
About Brownstone
Brownstone Energy Inc. is a Canadian-based, energy focused company with direct
interests in oil and gas exploration projects, including varying interests in
three off-shore Israel concessions and in four Colombian blocks in the Llanos
basin, as well as other oil and gas interests worldwide. By owning and managing
a diversified portfolio of energy-based projects, Brownstone provides
shareholders with a unique energy investment alternative. For additional
information, please see Brownstone's website: www.brownstoneenergy.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Brownstone Energy Inc.
Jonathan Schroeder, P. Geoph.
President and COO
(403) 660-2894
schroeder@brownstoneenergy.com
Brownstone Energy Inc.
Gerry Feldman
Chief Financial Officer
(416) 941-8900
feldman@brownstoneenergy.com
Brownstone Energy Inc.
Richard Patricio
Vice-President Corporate and Legal Affairs
(416) 941-8900
info@brownstoneenergy.com
www.brownstoneenergy.com
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