Brownstone Energy Inc. Releases Unaudited Results for the Three Months Ended September 30, 2011
Nov 29, 2011
OTC Disclosure News Service
Toronto, ONT, Canada –
TORONTO,Ontario (November 29, 2011) – Brownstone Energy Inc. (TSXV: “BWN”;OTCQX: “BWSOF”) (“Brownstone” or the “Company”) today announces its unaudited results for the three months ended September 30, 2011.
This is the first quarter for which the Company has reported its operating results and financial position under international financial reporting standards (“IFRS”). All comparative information contained in the September 30, 2011 interim condensed consolidated financial statements have been restated to conform to the accounting policies under IFRS.
As at September 30, 2011,the Company had cash and cash equivalents of $30.9 million as compared to $29.9million as at June 30, 2011. Investments at fair value totaled $9.7 million as at September 30, 2011 as compared to $12.4million as at June 30, 2011. Also as at September30, 2011, exploration and evaluation assets totaled $48.5 million as compared to $42.1 million as at June 30, 2011.
Financial Highlights for the three months ending September 30, 2011 with comparatives:
During the three months ended September30, 2011, the Company spent net cash of $2,961,266 on exploration and evaluation assets as compared to $1,581,846 during the three months ended September 30, 2010.
Brownstone is currently participating in several oil and gas exploration projects based in Colombia, Israel, United States (Colorado/Utah and Oregon), Argentina, Canada and Brazil.
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.
NeitherTSX Venture Exchange nor its Regulation Services Provider (as that term isdefined
in the policies of the TSX Venture Exchange) accepts responsibility for theadequacy
or accuracy of this release.
For further information, please contact:
Jonathan Schroeder, P. Geoph., President and COO
Richard Patricio, Vice-PresidentCorporate and Legal Affairs
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