The Operator of the Gabriella License Offshore Israel Suspends Operations
Published : February 11, 2013
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Keywords :   Israel | Market | Oil |

TORONTO, ONTARIO--(Marketwire - Feb. 11, 2013) - Brownstone Energy Inc. (News - Market indicators)(OTCQX:BWSOF) ("Brownstone" or "the Company") has been informed by the operator of the Gabriella License Offshore Israel, Adira Energy Israel Ltd., that it has suspended all operations with regard to drilling the Gabriella well until further notice. The failure of the 70 percent party Modi in Energy LP ("Modi in") to fund its obligations under the joint operating agreement was given as the reason for the suspension. Brownstone has met its funding obligations under the joint operating agreement. As a result of the disputes amongst the parties, the Company has not provided funds in support of letters of credit to be posted by Modi in for the Gabriella rig contract. Brownstone will endeavour to continue discussions with its joint operating parties surrounding the drilling and funding of the well.

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 three 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:

Cautionary Statements

This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws (together, "forward-looking information"). The use of any of the words "expect", "anticipate", "continue", "estimate", "believe", "plans", "intends", "confident", "may", "objective", "ongoing", "will", "should", "project", "should" and similar expressions are intended to identify forward-looking information.

The forward-looking information is based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning the operational results in the U.S.A. Although the Company believes that the expectations and assumptions on which the forward-looking information are based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct.

Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the inherent risks involved in the exploration and development of oil and gas properties, the uncertainties involved in interpreting drilling results and other geological data, uncertainties relating to fluctuating oil and gas prices, the possibility of cost overruns or unanticipated costs and expenses and other factors including unforeseen delays. Anticipated exploration and development plans relating to the Company's properties are subject to change.

The foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information contained in this press release is made as of the date hereof and Brownstone undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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
Brownstone Energy Inc.
Gerry Feldman
(416) 941-8900
Brownstone Energy Inc.
Richard Patricio
Vice-President Corporate and Legal Affairs
(416) 941-8900
Data and Statistics for these countries : Israel | All
Gold and Silver Prices for these countries : Israel | All

Brownstone Energy Inc.

ISIN : CA1161411022
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Brownstone Energy is an exploration company based in Canada.

Brownstone Energy produces natural gas and oil in Colombia.

Its main asset in production is CANAGUARO in Colombia and its main exploration property is PICEANCE in Colombia.

Brownstone Energy is listed in Canada. Its market capitalisation is CA$ 3.9 millions as of today (US$ 3.1 millions, € 2.8 millions).

Its stock quote reached its highest recent level on December 29, 2006 at CA$ 3.54, and its lowest recent point on February 13, 2015 at CA$ 0.01.

Brownstone Energy has 129 789 992 shares outstanding.

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Financings of Brownstone Energy Inc.
3/12/2011Announces Closing of $28 Million Financing
2/15/2011Announces Financing
Option Grants of Brownstone Energy Inc.
4/1/2011Grants 1,365,000 Options
Financials of Brownstone Energy Inc.
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6/7/2013(Canaguaro)Completes Sale of Canaguaro Block Interest
5/7/2013(Canaguaro)To Sell Interest In Canaguaro Block
8/21/2012Puts Flami=2D1 Well On Extended Test Production
7/23/2012Partner Enters Into Drilling Contract With Noble Drilling To...
6/12/2012Receives Gabriella and Yitzhak Drilling Extensions in Offsho...
3/13/2012Receives Updated Resource Reports on Gabriella and Yitzhak L...
1/16/2012Announces Oil Discovery at Llanos Block 27=2C Colombia
5/9/2011Puts Canaguay #1 Well on Production in Colombia
Corporate news of Brownstone Energy Inc.
3/18/2015View More +
3/2/2015Brownstone Announces Board & Management Changes
12/30/2014View More +
12/5/2014Brownstone Energy Announces Voluntary Delisting From OTCQX
10/24/2014Brownstone Energy Inc. Releases Results For The Year Ended J...
9/29/2014Brownstone Announces Expiration of the Gabriella License, Of...
8/28/2014Drill Rigs Move Into Kokopelli Project
7/21/2014Brownstone Announces Resignation of Director
6/30/2014Brownstone and Dejour Close $20MM Kokopelli Development JV
5/30/2014Brownstone Announces Resignation of President and COO
10/28/2013Releases Results For The Year Ended June 30, 2013
10/23/2013Terminates Its Participation Interest in Block LLA36 in the ...
10/16/2013Announces Extensions on Yitzhak and Gabriella Licenses, Offs...
7/1/2013Enters Into Settlement Agreement With Gabriella License Part...
5/28/2013Releases Unaudited Results For The Three And Nine Months End...
3/1/2013Releases Unaudited Results For The Three And Six Months Ende...
2/25/2013Spuds Calacho #1 Well=2C Llanos Basin=2C Colombia
2/11/2013The Operator of the Gabriella License Offshore Israel Suspen...
11/27/2012Releases Unaudited Results for the Three Months Ended Septem...
10/3/2012Refiles Corrected Auditors' Report for 2012 Annual Financial...
9/28/2012Releases Results For The Year Ended June 30=2C 2012
9/25/2012Successfully Drills Initial Kokopelli Well to 8,440 Feet
9/4/2012Partner moves Drill to Kokopelli Leasehold=2C Initial Willia...
7/3/2012granted extension of drill contract and spud date=2C Samuel ...
5/30/2012Releases Unaudited Results for the Three and Nine Months End...
5/1/2012Provides Colombian Operations Update
4/24/2012Spuds Flami #1 Well=2C Llanos Basin=2C Colombia
3/27/2012Completes Canaguay=2D1 Workover and Commences Extended Test ...
2/29/2012Provides Colombian 2012 Operational Update
2/29/2012Releases Unaudited Results for the Three and Six Months Ende...
11/29/2011Releases Unaudited Results for the Three Months Ended Septem...
10/24/2011Spuds Mani #1 Well in Colombia
10/5/2011(Piceance)and Operator Receive Approval to Commence Development of Gi...
9/13/2011Provides Update on Operations in Colombia
5/13/2011to Start Trading on OTCQX
3/23/2011Provides Update On Operations In Colombia And Israel
1/17/2011Announces Name Change To Brownstone Energy
1/10/2011Provides Update on Colombian Operations
10/1/2007BrazAlta Resources Corp. and Brownstone Ventures Inc. Enter ...
9/5/2007Piceance Basin Well Contains 263’ Net Pay
8/29/2007Ventures (BWN.V) and Joint Venture Partners Announce Natural...
7/17/2007and Partners Commence Piceance Basin Drilling
4/30/2007Announces Oil & Gas Drilling Permit Approval
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