TORONTO, ONTARIO--(Marketwired - Oct. 28, 2013) - Brownstone Energy Inc. (TSX VENTURE:BWN)(OTCQX:BWSOF) "Brownstone" or the "Company") today announces its results for the year ended June 30, 2013.
As at June 30, 2013, the Company had cash and cash equivalents of $9.6 million as compared to $18.2 million as at June 30, 2012. Investments at fair value totaled $1.7 million as at June 30, 2013 as compared to $2.8 million as at June 30, 2012. Also, as at June 30, 2013, exploration and evaluation assets totaled $17.3 million as compared to $45.1 million as at June 30, 2012.
Financial Highlights for the year ending June 30, 2013 with comparatives:
| Operating Results | Year ended June 30, | |||||
| 2013 | 2012 | |||||
| Net realized losses on disposal of investments | $ | - | $ | (5,008,726 | ) | |
| Net change in unrealized losses on investments | (1,604,261 | ) | (610,098 | ) | ||
| Net investment losses | (1,604,261 | ) | (5,618,824 | ) | ||
| Operating, general and administrative expenses | 2,691,218 | 5,277,579 | ||||
| Impairment of exploration and evaluation assets | 36,394,392 | 16,292,799 | ||||
| Loss for the year | (40,860,181 | ) | (27,053,898 | ) | ||
| Basic and diluted loss per common share | (0.31 | ) | (0.21 | ) | ||
| Consolidated statements of financial position Highlights |
June 30, 2013 |
June 30, 2012 |
||||
| Cash and cash equivalents | $ | 9,595,064 | $ | 18,197,006 | ||
| Investments, at fair value | 1,667,208 | 2,771,469 | ||||
| Exploration and evaluation assets | 17,274,483 | 45,141,148 | ||||
| Total assets | 30,452,958 | 67,650,272 | ||||
| Total liabilities | 3,551,120 | 1,150,868 | ||||
| Share capital, warrants and broker warrants, contributed surplus | 120,963,437 | 120,550,480 | ||||
| Foreign currency translation reserve | (79,081 | ) | (928,739 | ) | ||
| Deficit | (93,982,518 | ) | (53,122,337 | ) | ||
| Working Capital | 8,992,430 | 20,793,675 | ||||
During the year ended June 30, 2013, the Company spent cash (net of oil sales) of $10,935,983 on exploration and evaluation assets as compared to $16,717,003 during the year ended June 30, 2012. In June 2013, the Company sold its 25% private participating interest in the Canaguaro Block (Colombia) for gross proceeds of US$6,000,000. During the year ended June 30, 2013, the Company recorded an impairment of $36,394,392 (2012 - $16,292,799) on its exploration and evaluation assets.
Brownstone is currently participating in several oil and gas exploration projects based in Colombia, Israel, United States (Colorado/Utah and Oregon), and Argentina.
About Brownstone
Brownstone Energy Inc. is a Canadian-based, energy focused company with direct interests in oil and gas exploration projects, including varying interests in off-shore Israel and in the Llanos basin, Colombia, 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.
Neither 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.
Contact Information:
Jonathan Schroeder, P. Geoph.
President and COO
(403) 660-2894
schroeder@brownstoneenergy.com
Brownstone Energy Inc.
Richard Patricio
Vice-President Corporate and Legal Affairs
(416) 941-8900
info@brownstoneenergy.com
Brownstone Energy Inc.
Gerry Feldman, CPA, CA
Chief Financial Officer
(416) 643-3884
feldman@brownstoneenergy.com
www.brownstoneenergy.com