Brownstone Ventures Inc.
TSX VENTURE : BWN

Brownstone Ventures Inc.

October 19, 2007 11:54 ET

Brownstone Ventures Inc. Releases Results for the Year Ended June 30, 2007 & NI 51-101 Disclosure

Closes financings, significantly strengthening cash position; Continues to invest in oil & gas interests

TORONTO, ONTARIO--(Marketwire - Oct. 19, 2007) - Brownstone Ventures Inc. (TSX VENTURE:BWN) announces its audited results for the year ended June 30, 2007 and the filing with the applicable Canadian securities regulatory authorities of its Statement of Reserves Data and Other Oil and Gas Information (the "Statement") and related report, in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. The Statement and related report are available to the public for viewing under the Corporation's profile on SEDAR at www.sedar.com.

As at June 30, 2007, the Company had Cash and Cash Equivalents of $35.9 million as compared to $2.6 million as at June 30, 2006. Also at June 30, 2007, Oil & Gas Properties and Related Expenditures totaled $16.3 million as compared to $296,494 as at June 30, 2006.



Financial Highlights for the year ending June 30, 2007 with comparatives:

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Operating Results Year Ended June 30
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2007 2006
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Realized gains on disposal of investments, net $23,288,682 $4,393,872
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Unrealized gains (losses) on investments, net (15,599,121) 13,938,022
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Net investment gains 7,689,561 18,331,894
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Total expenses 6,072,284 2,528,163
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Net income for the year 3,508,984 13,394,876
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Basic earnings (loss) per common share 0.08 0.62
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Diluted earnings (loss) per common share 0.07 0.58
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Balance Sheet Highlights As at June 30
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2007 2006
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Cash and cash equivalents 35,951,353 2,659,571
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Investments at fair value 24,902,453 22,643,105
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Oil & gas properties and related expenditures 16,333,500 296,494
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Total assets 79,397,145 34,050,181
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Total liabilities 3,778,613 2,958,082
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Share capital 50,396,495 18,170,238
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Shareholders' equity 75,618,532 31,092,099
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During fiscal 2007, Brownstone completed two private placement financings for total gross proceeds of $25 million in order to finance its ongoing investment activities.

As well, Brownstone continued making investments, together with partners, in oil & gas properties in the United States, India and Brazil. In all cases, Brownstone's partners are the operators in these investments.

About Brownstone - Brownstone Ventures Inc. ("Brownstone") is a Canadian based, energy focused investment company with equity investments in oil and gas companies and interests in oil and gas exploration projects. For additional information, please see Brownstone's website: www.brownstoneventures.com.

The TSX Venture Exchange does not take responsibility for the adequacy or accuracy of this release.

Contact Information

  • Brownstone Ventures Inc.
    Investor Relations: Sheldon Inwentash
    President and C.E.O.
    (416) 941-8900
    Email: ir@brownstoneventures.com
    Website: www.brownstoneventures.com
    or
    Media Relations: Wanda Cutler
    Director of Corporate Communications
    (416) 860-1717
    The Exchange Tower, 130 King Street West, Suite 2500
    Toronto, Ontario, Canada M5X 1A9