Brownstone Energy Inc. Releases Results For The Year Ended June 30, 2012
Sep 28, 2012
OTC Disclosure News Service
Toronto, ONT, Canada –
TORONTO,Ontario (September 28, 2012) – Brownstone Energy Inc.(TSXV: “BWN”; OTCQX: “BWSOF”) (“Brownstone” or the “Company”) today announces its results for the year ended June 30, 2012.
As at June 30, 2012, the Company had cash and cash equivalents of $18.2 million as compared to $29.8million as at June 30, 2011. Investments at fair value totaled $2.8 million as at June 30, 2012 as compared to $12.4million as at June 30, 2011. Also as at June30, 2012, exploration and evaluation assets totaled $45.1 million as compared to $42.1 million as at June 30, 2011.
Financial Highlights for the year ending June 30, 2012 with comparatives:
During the year ended June 30, 2012, the Company spent net cash of $16,717,003 on exploration and evaluation assets as compared to $12,772,103 during the year ended June 30, 2011. During the year ended June 30, 2012, the Company recorded an impairment of $16,292,799 (2011 – nil) on its exploration and evaluation assets.
Brownstone is currently participating in several oil and gas exploration projects based in Colombia, Israel, United States (Colorado/Utah and Oregon), and Argentina.
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.
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.
For further information, please contact:
Jonathan Schroeder, P. Geoph., President and COO
Richard Patricio, Vice-President Corporate and Legal Affairs
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.