TORONTO, ONTARIO--(Marketwire - May 30, 2012) - Brownstone Energy Inc. (TSX VENTURE:BWN)(OTCQX:BWSOF) ("Brownstone" or the "Company") today announces its unaudited results for the three and nine months ended March 31, 2012.
As at March 31, 2012, the Company had cash and cash equivalents of $20.6 million as compared to $29.9 million as at June 30, 2011. Investments at fair value totaled $4.1 million as at March 31, 2012 as compared to $12.4 million as at June 30, 2011. Also as at March 31, 2012, exploration and evaluation assets totaled $40.8 million as compared to $42.1 million as at June 30, 2011.
Financial Highlights for the three and nine months ending March 31, 2012 with comparatives:
| Operating Results (unaudited) | Three months ended March 31, |
Nine months ended March 31, |
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| 2012 | 2011 | 2012 | 2011 | |||||||||
| Net realized (losses) gains on disposal of investments | $ | (3,185,515 | ) | $ | 111,277 | $ | (5,008,726 | ) | $ | (612,899 | ) | |
| Net change in unrealized gains (losses) on investments | (662,909 | ) | (256,829 | ) | 751,690 | 4,984,979 | ||||||
| Net investment gains (losses) | (3,848,424 | ) | (145,552 | ) | (4,257,036 | ) | 4,372,080 | |||||
| Profit (loss) for the period | (21,915,937 | ) | (1,268,671 | ) | (24,365,405 | ) | 1,183,711 | |||||
| Basic and diluted earnings (loss) per share | (0.17 | ) | (0.01 | ) | (0.19 | ) | 0.01 | |||||
| Consolidated statements of financial position Highlights | March 31, 2012 |
June 30, 2011 |
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| Cash and cash equivalents | $ | 20,603,312 | $ | 29,833,806 | ||
| Investments, at fair value | 4,133,257 | 12,350,483 | ||||
| Exploration and evaluation assets | 40,833,532 | 42,053,011 | ||||
| Total assets | 68,957,672 | 90,591,353 | ||||
| Total liabilities | 776,021 | 1,497,064 | ||||
| Share capital, warrants and broker warrants, contributed surplus | 120,331,205 | 118,327,742 | ||||
| Foreign currency translation reserve | (1,715,710 | ) | (3,165,014 | ) | ||
| Deficit | (50,433,844 | ) | (26,068,439 | ) | ||
| Working Capital | 24,946,283 | 46,507,056 | ||||
During the nine months ended March 31, 2012, the Company spent net cash of $13,443,910 on exploration and evaluation assets as compared to $9,581,481 during the nine months ended March 31, 2011. During the nine months ended March 31, 2012, the Company wrote-down $16,112,785 of 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 three off-shore Israel concessions and in four Colombian blocks in the Llanos basin, 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.
Gerry Feldman
Chief Financial Officer
(416) 941-8900
feldman@brownstoneenergy.com
Brownstone Energy Inc.
Richard Patricio
Vice-President Corporate and Legal Affairs
(416) 941-8900
info@brownstoneenergy.com
www.brownstoneenergy.com