Brownstone Energy Inc. Releases Unaudited Results for the Three Months Ended September 30, 2013
November 28 2013 - 3:00PM
Marketwired
Brownstone Energy Inc. Releases Unaudited Results for the Three
Months Ended September 30, 2013
TORONTO, ONTARIO--(Marketwired - Nov 28, 2013) - Brownstone
Energy Inc. (TSX-VENTURE:BWN)(OTCQX:BWSOF) ("Brownstone" or the
"Company") today announces its unaudited results for the three
months ended September 30, 2013.
As at September 30, 2013, the Company had cash and cash
equivalents of $7.7 million as compared to $9.6 million as at June
30, 2013. Investments at fair value totaled $2.1 million as at
September 30, 2013 as compared to $1.7 million as at June 30, 2013.
Also, as at September 30, 2013, exploration and evaluation assets
totaled $16.5 million as compared to $17.3 million as at June 30,
2013.
Financial Highlights for the three months ending September 30,
2013 with comparatives:
Operating Results |
Three months ended September 30, |
|
|
2013 |
|
2012 |
|
Net change in unrealized gains (losses) on investments |
$ |
429,186 |
|
$ |
(287,466 |
) |
Total expenses |
|
927,302 |
|
|
720,759 |
|
Loss for the period |
|
(517,924 |
) |
|
(1,095,691 |
) |
Basic and diluted loss per common share |
|
(0.00 |
) |
|
(0.01 |
) |
|
|
|
|
|
Consolidated statements of financial position highlights |
September 30, 2013 |
|
June 30, 2013 |
|
Cash and cash equivalents |
$ |
7,692,489 |
|
$ |
9,595,064 |
|
Investments, at fair value |
|
2,096,394 |
|
|
1,667,208 |
|
Exploration and evaluation assets |
|
16,536,187 |
|
|
17,274,483 |
|
Total assets |
|
28,033,402 |
|
|
30,452,958 |
|
Total liabilities |
|
1,926,198 |
|
|
3,551,120 |
|
Share capital, warrants and broker warrants, contributed
surplus |
|
121,012,712 |
|
|
120,963,437 |
|
Foreign currency translation reserve |
|
(405,066 |
) |
|
(79,081 |
) |
Deficit |
|
(94,500,442 |
) |
|
(93,982,518 |
) |
Working Capital |
|
9,571,017 |
|
|
8,992,430 |
|
During the three months ended September 30, 2013, the Company
spent cash (net of oil sales) of $1.1 million on exploration and
evaluation assets as compared to $5.6 million during the three
months ended September 30, 2012.
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
in several countries, including off-shore Israel and in the Llanos
basin, Colombia. 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.
Brownstone Energy Inc.Jonathan Schroeder, P. Geoph.President and
COO(403) 660-2894schroeder@brownstoneenergy.comBrownstone Energy
Inc.Richard PatricioVice-President Corporate and Legal Affairs(416)
941-8900info@brownstoneenergy.comBrownstone Energy Inc.Gerry
Feldman, CPA, CAChief Financial Officer(416)
643-3884feldman@brownstoneenergy.comwww.brownstoneenergy.com
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