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Brownstone Energy Inc. Releases Unaudited Results for the Three Months Ended September 30, 2012
Published : November 27, 2012
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Keywords :   Argentina | Brownstone Energy | Colombia | Israel | Oil | Total | Utah |

TORONTO, ONTARIO--(Marketwire - Nov. 27, 2012) - Brownstone Energy Inc. (News - Market indicators)(OTCQX:BWSOF) ("Brownstone" or the "Company") today announces its unaudited results for the three months ended September 30, 2012.

As at September 30, 2012, the Company had cash and cash equivalents of $10.7 million as compared to $18.2 million as at June 30, 2012. Investments at fair value totaled $3.0 million as at September 30, 2012 as compared to $2.8 million as at June 30, 2012. Also as at September 30, 2012, exploration and evaluation assets totaled $49.7 million as compared to $45.1 million as at June 30, 2012.

Financial Highlights for the three months ending September 30, 2012 with comparatives:

Operating Results   Three months ended September 30,  
    2012     2011  
Realized losses on disposal of investments, net   $ -     $ (191,331 )
Net change in unrealized losses on investments     (287,466 )     (2,372,268 )
Net investment losses     (287,466 )     (2,563,599 )
Total expenses     720,759       836,438  
Loss for the period     (1,095,691 )     (3,343,326 )
Basic and diluted loss per common share     (0.01 )     (0.03 )
                 
Consolidated statements of financial position highlights   September 30, 2012     June 30, 2012  
Cash and cash equivalents   $ 10,700,948     $ 18,197,006  
Investments, at fair value     2,984,003       2,771,469  
Exploration and evaluation assets     49,681,931       45,141,148  
Total assets     65,314,223       67,650,272  
Total liabilities     1,424,030       1,150,868  
Share capital, warrants and broker warrants, contributed surplus     120,678,452       120,550,480  
Foreign currency translation reserve     (2,570,231 )     (928,739 )
Deficit     (54,218,028 )     (53,122,337 )
Working Capital     13,614,107       20,793,675  

During the three months ended September 30, 2012, the Company spent net cash of $5,609,983 on exploration and evaluation assets as compared to $2,961,266 during the three months ended September 30, 2011. 

Brownstone also advises that the Board of Directors has approved the grant of 2,390,000 options to certain officers, directors, employees and consultants of the Company. Each option is exercisable into one common share of the Company for a period of five years, vesting quarterly for a period of 18 months, at a price equal to the closing price of the Company's common shares on the TSX Venture Exchange on November 28, 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, 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.

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) 660-2894
schroeder@brownstoneenergy.com
or
Brownstone Energy Inc.
Gerry Feldman
Chief Financial Officer
(416) 941-8900
feldman@brownstoneenergy.com
or
Brownstone Energy Inc.
Richard Patricio
Vice-President Corporate and Legal Affairs
(416) 941-8900
info@brownstoneenergy.com
www.brownstoneenergy.com
Data and Statistics for these countries : Argentina | Colombia | Israel | All
Gold and Silver Prices for these countries : Argentina | Colombia | Israel | All
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Brownstone Energy Inc.

EXPLORATION STAGE
CODE : BWN.V
ISIN : CA1161411022
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Financings of Brownstone Energy Inc.
3/12/2011Announces Closing of $28 Million Financing
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TSX-V (BWN.V)
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TSX-V
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