Brownstone Energy Inc. Releases Unaudited Results for the Three and Nine Months Ended March 31, 2012
May 30, 2012
OTC Disclosure News Service
Toronto, ONT, Canada –
TORONTO,Ontario (May 30, 2012) – Brownstone Energy Inc. (TSXV: “BWN”;OTCQX: “BWSOF”) (“Brownstone” or the “Company”) today announces its unaudited results for the three and nine months ended March 31, 2012.
As at March 31, 2012, the Company had cash and cash equivalents of $20.6 million as compared to $29.9million as at June 30, 2011. Investments at fair value totaled $4.1 million as at March 31, 2012 as compared to $12.4million as at June 30, 2011. Also as at March31, 2012, exploration and evaluation assets totaled $40.8 million as compared to $42.1 million as at June 30, 2011.
Financial Highlights for the three and nine months ending March 31, 2012 with comparatives:
During the nine months ended March 31,2012, the Company spent net cash of $13,443,910 on exploration and evaluation assets as compared to $9,581,481 during the nine months ended March 31, 2011. During the nine months ended March 31, 2012,the Company wrote-down $16,112,785 of 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 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.