Brookwater Ventures Inc.

June 20, 2011 17:27 ET

Brookwater Ventures Appoints Jason Cho as President & CEO

CALGARY, ALBERTA--(Marketwire - June 20, 2011) - Brookwater Ventures Inc. ("Brookwater or the "Company) (TSX VENTURE:BW) is pleased to announce that Jason Cho has been appointed President and CEO of Brookwater. Jason will succeed Shannon Pohl, who will focus on his role as VP Exploration of Brookwater.

Mr. Stan Bharti, Chairman of the board, commented, "As we look to grow our business, it was clear we needed to enhance management in Canada to complement Shannon's technical expertise. Jason Cho, our new President and CEO has a diversified mix of technical, business and capital market skills that will ensure the company has the required resources to both drill the company's very prospective Reconcavo Basin block and participate in the upcoming 11th Bidding Round of the ANP on Q3 2011. We welcome Jason to Brookwater as he rounds out the team in Canada and Brazil, led by Mr. Wagner Freire, President of Brazil operations."

Mr. Freire, added, "The Brazilian based team is very excited about the company's prospects in the upcoming 11th Bidding Round of ANP and with Jason's appointment we are confident that his international capital market skill set will deliver the financing to secure some highly prospective blocks." Mr Freire was formally with Petrobras for over 30 years starting his career as Chief-Geophysicist and progressing to E&P Managing Director (and President of its international division, Braspetro) and acted as President of the Brazilian Association of Independent Producers from 2006 to 2009.

"We are excited about our current and future prospects in Brazil as we approach the 11th Bidding Round of licensing for oil & natural gas exploration and production blocks. We are looking to acquire a number of exciting properties in Brazil and elsewhere as we remain focused on building and financing our asset base. The Board of Brookwater and I wish to congratulate Jason on his appointment as President and Chief Executive Officer and look forward to working together."

Jason Cho, is a Professional Engineer and Professional Geoscientist who has over 15 years of engineering, business and financial experience. Mr. Cho began his career with AMEC Plc (formerly Agra Earth & Environmental) as a consulting engineering and then transitioned to investment banking and mergers & acquisitions at Bank of America (formerly Merrill Lynch Canada) focused on mining and resources. He then worked as Vice-President and Director of Proprietary Trading at a large Canadian bank managing a portfolio of resource investments and has also worked as a Director of a Swiss-based investment bank. Mr. Cho holds a B. A. Sc. in Geological Engineering from the University of British Columbia, Canada and an M.B.A from the University of Toronto, Canada.

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About Brookwater:

Brookwater is an emerging oil and gas company with a proven Brazilian management team that previously held senior positions within Petróleo Brasileiro S.A – Petrobras. Brookwater is focused on building a portfolio of high impact assets in Brazil as it looks to participate in Brazil's 11th Concession Bid Round later this year and currently holds exploration and production blocks in the prolific Reconcavo Basin.

Brookwater'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 Petroleum and Bio-Fuels Agency (ANP) has announced the 11th Concession Bid Round. Part of Brookwater'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 Q3 of 2011and will consist of 174 blocks of which 87 are on onshore areas and the other 87 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 forties. 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 lies just west of the Água Grande field, which still produces at 3,000 b/d after delivering over 300 million barrels of 42º API oil.

Through its wholly-owned subsidiary Água Grande Exploração e Produção de Petróleo Ltda, Brookwater will participate in the drilling of one exploration well during the third quarter of 2011 to earn a 30% interest in its first oil & gas exploration and production concession (Block REC-T-166) located in the Reconcavo Basin, onshore Brazil. 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

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsbility for the adequacy or accuracy of this release.

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