Brownstone Energy Inc. Releases Results for the Year Ended June 30, 2012
September 28 2012 - 3:00PM
Marketwired Canada
Brownstone Energy Inc. (TSX VENTURE:BWN)(OTCQX:BWSOF) ("Brownstone" or the
"Company") today announces its results for the year ended June 30, 2012.
As at June 30, 2012, the Company had cash and cash equivalents of $18.2 million
as compared to $29.8 million as at June 30, 2011. Investments at fair value
totaled $2.8 million as at June 30, 2012 as compared to $12.4 million as at June
30, 2011. Also as at June 30, 2012, exploration and evaluation assets totaled
$45.1 million as compared to $42.1 million as at June 30, 2011.
Financial Highlights for the year ending June 30, 2012 with comparatives:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Year ended
Operating Results June 30,
--------------------------------
2012 2011
----------------------------------------------------------------------------
Net realized losses on disposal of
investments $ (5,008,726) $ (1,385,033)
Net change in unrealized gains (losses) on
investments (610,098) 5,050,138
Net investment gains (losses) (5,618,824) 3,665,105
Total expenses 21,570,378 6,236,774
Loss for the year (27,053,898) (1,581,297)
----------------------------------------------------------------------------
Basic and diluted loss per common share (0.21) (0.02)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Consolidated statements of financial
position
Highlights June 30, 2012 June 30, 2011
----------------------------------------------------------------------------
Cash and cash equivalents $ 18,197,006 $ 29,833,806
Investments, at fair value 2,771,469 12,350,483
Exploration and evaluation assets 45,141,148 42,053,011
Total assets 67,650,272 90,591,353
Total liabilities 1,150,868 1,497,064
Share capital, warrants and broker
warrants, contributed surplus 120,550,480 118,327,742
Foreign currency translation reserve (928,739) (3,165,014)
Deficit (53,122,337) (26,068,439)
Working Capital 20,793,675 46,507,056
----------------------------------------------------------------------------
----------------------------------------------------------------------------
During the year ended June 30, 2012, the Company spent net cash of $16,717,003
on exploration and evaluation assets as compared to $12,772,103 during the year
ended June 30, 2011. During the year ended June 30, 2012, the Company recorded
an impairment of $16,292,799 (2011 - nil) 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
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 investment alternative. For additional
information, please see Brownstone's website: www.brownstoneenergy.com.
(TSXV:BWN)
Historical Stock Chart
From Aug 2024 to Sep 2024
(TSXV:BWN)
Historical Stock Chart
From Sep 2023 to Sep 2024