TORONTO, ONTARIO--(Marketwired - May 28, 2013) - 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, 2013.
As at March 31, 2013, the Company had cash and cash equivalents of $4.4 million as compared to $18.2 million as at June 30, 2012. Investments at fair value totaled $1.9 million as at March 31, 2013 as compared to $2.8 million as at June 30, 2012. Also as at March 31, 2013, exploration and evaluation assets totaled $51.8 million as compared to $45.1 million as at June 30, 2012.
Financial Highlights for the three and nine months ending March 31, 2013 with comparatives:
| Operating Results (unaudited) | Three months ended March 31, |
Nine months ended March 31, |
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| 2013 | 2012 | 2013 | 2012 | ||||||||||||
| Net realized losses on disposal of investments | $ | - | $ | (3,185,515 | ) | $ | - | $ | (5,008,726 | ) | |||||
| Net change in unrealized gains (losses) on investments | (410,312 | ) | (662,909 | ) | (1,372,312 | ) | 751,690 | ||||||||
| Net investment gains (losses) | (410,312 | ) | (3,848,424 | ) | (1,372,312 | ) | (4,257,036 | ) | |||||||
| Net loss for the period | (1,327,113 | ) | (21,915,937 | ) | (8,463,513 | ) | (24,365,405 | ) | |||||||
| Basic and diluted loss per share | (0.01 | ) | (0.17 | ) | (0.07 | ) | (0.19 | ) | |||||||
| Consolidated statements of financial position Highlights | March 31, 2013 |
June 30, 2012 |
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| Cash and cash equivalents | $ | 4,365,985 | $ | 18,197,006 | ||
| Investments, at fair value | 1,899,157 | 2,771,469 | ||||
| Exploration and evaluation assets | 51,813,808 | 45,141,148 | ||||
| Total assets | 59,788,203 | 67,650,272 | ||||
| Total liabilities | 1,545,230 | 1,150,868 | ||||
| Share capital, warrants and broker warrants, contributed surplus | 120,900,233 | 120,550,480 | ||||
| Foreign currency translation reserve | (1,071,410 | ) | (928,739 | ) | ||
| Deficit | (61,585,850 | ) | (53,122,337 | ) | ||
| Working Capital | 5,815,743 | 20,793,675 | ||||
Brownstone is currently participating in several oil and gas exploration projects based in Colombia, Israel, United States (Colorado/Utah and Oregon), and Argentina. On May 7, 2013, the Company announced the proposed sale of its 25% private participating interest in the Canaguaro Block (Colombia) for gross proceeds of US$6,000,000. The sale is expected to be completed in June, subject to the satisfaction of certain closing conditions.
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, CPA, CA
Chief Financial Officer
(416) 643-3884
feldman@brownstoneenergy.com
Brownstone Energy Inc.
Richard Patricio
Vice-President Corporate and Legal Affairs
(416) 941-8900
info@brownstoneenergy.com
www.brownstoneenergy.com