Brownstone Energy Inc. Releases Unaudited Results for the Three and Nine Months Ended March 31, 2013
May 28 2013 - 3:00PM
Marketwired Canada
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:
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Operating Results Three months ended Nine months ended
(unaudited) March 31, March 31,
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2013 2012 2013 2012
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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)
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Basic and diluted
loss per share (0.01) (0.17) (0.07) (0.19)
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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
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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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Brownstone Energy Inc.
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
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