Brookwater Ventures Inc.
TSX VENTURE : BW

Brookwater Ventures Inc.

March 05, 2012 19:30 ET

Brookwater Announces Results of Shareholder Meeting

CALGARY, ALBERTA--(Marketwire - March 5, 2012) - Brookwater Ventures Inc. (TSX VENTURE:BW) ("Brookwater" or the "Company") announces an update with respect to its annual and special meeting of shareholders (the "Meeting").

At the Meeting, shareholder approval was received for resolutions to fix the number of directors at five; to elect Stan Bharti, Ahmed Said, Peter Boot, Helio Diniz and Jason Cho to the Board of Directors; to appoint and fix remuneration of KPMG LLP, Chartered Accountants as auditor of the Company; approve the continuation of the Company from the Province of British Columbia to the Province of Ontario; and to approve the rolling 10% stock option plan of the Company, all as more particularly set out in the Information Circular of the Company as mailed to shareholders and filed on SEDAR.

Management would like to thank Mr. Wagner Freire, outgoing director, for services rendered during his tenure.

About Brookwater:

Brookwater Ventures Inc. is a Canadian independent oil exploration company focused on growing its asset base primarily in Brazil. The Company's wholly-owned Brazilian-based subsidiary, Agua Grande, is party to a Farm-Out Agreement with Somoil and Sonangol Starfish, pursuant to which Agua Grande has acquired an undivided 30% interest in an oil & gas exploration concession located in the Recôncavo Basin in Brazil. Brookwater's shares are listed on the TSX Venture Exchange under the symbol BW.

The Company believes that a tremendous opportunity exists in Brazil, where only approximately 6% of the sedimentary basins have been titled for exploration and development. The country remains underexploited and the Company believes that to capitalize on these opportunities requires investing in and leveraging a domestic team with basin knowledge, technical expertise and a network of relationships to optimize risk adjusted returns.

Forward-looking information

This news release contains forward-looking information relating to the Company's growth and corporate strategy, and other statements that are not historical facts. Forward-looking information relates to management's future outlook and anticipated events or results, and may include statements or information regarding the future plans or prospects of the Company. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forwardlooking information, there may be other factors that cause results not to be as anticipated, estimated or intended.

Forward-looking information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what is currently expected. These factors include risks and uncertainties associated with oil and gas exploration, development, exploitation, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, reliance on key personnel, regulatory risks and delays and other risks and uncertainties discussed in the management discussion and analysis section of the Company's interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forwardlooking information.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

NEITHER THE 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.

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