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TORONTO, ONTARIO--(Marketwire - Feb. 24, 2011) - Brownstone Energy Inc. (News - Market indicators) today announces its unaudited results for the three and six months ended December 31, 2010.
As at December 31, 2010, the Company had cash and cash equivalents of $8.7 million as compared to $1.8 million as at June 30, 2010. Investments at fair value totaled $14.5 million at December 31, 2010 as compared to $17.2 million at June 30, 2010. Also at December 31, 2010, oil & gas properties and related expenditures totaled $40.1 million as compared to $36.2 million as at June 30, 2010.
Financial Highlights for the three and six months ending December 31, 2010 with comparatives:
During the six months ended December 31, 2010, the Company spent cash of $4,230,778 on oil & gas properties and related expenditures.
Brownstone is currently participating in eight oil and gas exploration projects based in Colombia, Israel, United States (Colorado/Utah and Oregon), Argentina, Canada and Brazil.
About Brownstone
Brownstone Energy Inc. is a Canadian-based, energy focused investment company with equity interests and direct interests in oil and gas exploration projects, including working interests in almost 300,000 acres in the Piceance/Uinta Basins of Colorado and Utah; 253,000 acres in Rio Negro, Argentina; interests in several projects in Brazil; a 50% interest in approximately 300,000 hectares in the Quėbec Lowlands; a 15% participating interest in several off-shore Israel oil and gas blocks; and is earning interests (14-35%) in 4 Colombian blocks in the Llanos basin. 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.
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