Brownstone Ventures Inc.
TSX VENTURE : BWN

Brownstone Ventures Inc.

February 25, 2010 16:57 ET

Brownstone Ventures Inc. Releases Unaudited Results for the Three and Six Months Ended December 31, 2009

TORONTO, ONTARIO--(Marketwire - Feb. 25, 2010) - Brownstone Ventures Inc. (TSX VENTURE:BWN) today announced its unaudited results for the three and six months ended December 31, 2009.

As at December 31, 2009, the Company had cash and cash equivalents and due from brokers of $675,760 as compared to $2.3 million as at June 30, 2009. Investments at fair value totaled $19.5 million at December 31, 2009 as compared to $19.3 million at June 30, 2009. Also at December 31, 2009, oil & gas properties and related expenditures totaled $36.2 million as compared to $38.1 million as at June 30, 2009.

Financial Highlights for the three and six months ending December 31, 2009 with comparatives:

Operating Results (unaudited) Three months ended December 31, Six months ended December 31,
  2009 2008 2009 2008
Realized gains on disposal of investments, net $      699,799   $           12,334   $       777,355   $    1,457,071  
Unrealized gains (losses) on investments, net   (968,470 )   (12,370,393 )   2,719,171     (45,485,332 )
Net investment gains (losses)   (268,671 )   (12,358,059 )   3,496,526     (44,028,261 )
Total expenses   896,180     1,666,754     5,044,641     2,399,002  
Gain from bargain purchase   -     3,948,274     -     3,948,274  
Net loss for the period   (762,474 )   (8,102,590 )   (1,410,600 )   (35,148,756 )
Basic and diluted loss per common share   (0.01 )   (0.16 )   (0.02 )   (0.69 )
Balance Sheet Highlights  
(Unaudited) December 31, 2009 June 30, 2009
Cash and cash equivalents and due from brokers $            675,760 $        2,287,775
Investments, at fair value   19,479,079   19,343,660
Oil & gas properties and related expenditures   36,186,818   38,145,216
Total assets   69,665,765   70,638,276
Total liabilities   154,930   366,846
Share capital, warrants and contributed surplus   69,058,282   68,408,277
Retained earnings   452,553   1,863,153
Working Capital   22,712,760   26,708,011

During the six months ended December 31, 2009, the Company spent cash of $1,375,849 on oil & gas properties and related expenditures and wrote-off $3,334,247 relating to a significant portion of its Brazilian properties which had unsuccessful drill results. 

Brownstone is currently participating in eight oil and gas exploration projects based in the United States (Colorado/Utah and Oregon), Colombia, Israel, Argentina, Brazil, Canada and India.

About Brownstone – Brownstone Ventures Inc. is a Canadian-based, energy focused investment company with equity interests and direct interests in oil and gas exploration projects, including working interests in almost 300,000 acres in the Piceance/Uinta Basins of Colorado and Utah; 295km2 in the Assam/Arakan Basin, Northeast India; 253,000 acres in Rio Negro, Argentina; interests in projects in Brazil; a 50% interest in approximately 160,000 hectares in the Quėbec Lowlands and a 15% participating interest in two off-shore Israel oil and gas block; and is earning interests (14-35%) in 3 Colombian blocks in the Llanos basin. For additional information, please see Brownstone's website: www.brownstoneventures.com.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information