Brookwater Ventures Inc.

September 06, 2011 08:00 ET

Brookwater Ventures Announces Addition to Its Brazilian Office

CALGARY, ALBERTA--(Marketwire - Sept. 6, 2011) - Brookwater Ventures Inc. ("Brookwater" or the "Company") (TSX VENTURE:BW) is pleased to announce that Shannon Pohl, Vice President Exploration, will be relocating from Calgary to Brookwater's office in Rio de Janeiro to provide further support to the Company's ongoing corporate activities in Brazil.

Mr. Jason Cho, President and CEO of Brookwater, commented, "We expect Shannon's mix of technical skills and experience in Brazil, Canada and abroad will assist our Brazilian team in identifying and evaluating the existing and ongoing opportunities currently under review. We welcome Shannon to Brookwater's Brazilian office as we continue to build out our team."

Shannon Pohl is a Petroleum Geologist with over 19 years of diversified experience in the upstream oil and gas industry. Mr. Pohl has spent most of his career as an oil and gas prospect generator working various assets in Canada, England and Brazil. He has been exposed to a diverse portfolio of play types and has participated in the oil industry full cycle. He has also gained valuable knowledge of the Brazilian oil and gas industry, living in Brazil for two years and working onshore assets in the Recôncavo and Sergipe Basins.

The Company has also granted a total of 500,000 stock options to officers, consultants and employees of the Company. The options have an exercise price of 38 cents, vest quarterly in eight equal tranches over a period of two years, with the first tranche vesting on the date of grant and expire in five years.

About Brookwater:

Brookwater is an emerging oil and gas company with a proven Brazilian management team including members that previously held senior positions within Petróleo Brasileiro S.A – Petrobras. Brookwater is focused on building a portfolio of high impact assets in Brazil and currently holds, through Água Grande Exploração e Produção de Petróleo Ltda. ("Agua Grande"), its wholly owned subsidiary, prospective acreage in the prolific Reconcavo Basin.

Água Grande's senior management possesses significant technical knowledge and operational experience in the Brazilian sedimentary basins and regulatory knowledge of the Brazilian oil and natural gas industry which will provide a significant advantage when evaluating opportunities. Brazil has recently attracted significant interest due to its immense petroleum resource potential across 28 sedimentary basins. Currently only 5% of these basins are under contract, leaving enormous opportunity for future exploration. Brazil's National Council of Energy Policy has announced the 11th Concession Bid Round. Among other opportunities Brookwater is currently evaluating, part of the Company's growth strategy is to evaluate and actively participate in the bidding of concession blocks in this 11th bid round. Bidding is expected to take place in the fourth quarter of 2011 and will consist of 174 blocks of which 87 are on onshore areas and the other 87 are on offshore areas, covering a total of 122,000 km2.

The Recôncavo Basin is a light oil rich mature basin and has produced 1.9 billion barrels of oil and 400 million boe of gas since the first discovery in the early 1940s. With current production of 63 thousand boe/d and recent discoveries such as the Jandaia field (16 million barrels of volume in place of 42º API oil with current production of 2,700 b/d) this basin is still considered very attractive for investments. Block REC-T-166, in which Água Grande has a 30% working interest, lies just west of the Água Grande field, discovered in 1952, and which still produces 3,000 b/d after delivering over 300 million barrels of 42º API oil.

Through its wholly owned subsidiary, Água Grande, Brookwater will participate in the drilling of one exploration well during the third quarter of 2011 as part of its commitment in the concession of Block REC-T-166. Several low risk exploration targets have been identified on 3D seismic across Block REC T-166.

On behalf of the Board of Directors of BROOKWATER VENTURES INC.

Jason Cho, President & CEO

Information in this press release expressed in barrels of oil equivalent (boes) is derived by converting natural gas to oil in the ratio of six thousand cubic feet (mcf) of natural gas to one barrel (bbl) of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 5.7 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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 forward‐looking 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 forward‐looking 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.


Contact Information