Brookwater Announces Hiring of One of the Largest Independent Geophysical & Geological Teams in Brazil


CALGARY, ALBERTA--(Marketwire - Oct. 14, 2011) - Brookwater Ventures Inc. ("Brookwater" or the "Company") (TSX VENTURE:BW) announced today that it has secured the services of Geopex Consultoria ("Geopex"), one the largest independent geological and geophysical ("G&G") teams in Brazil, on an exclusive basis. Founded in 2000 by former Senior Petróleo Brasileiro S.A ("Petrobras") staff, Geopex has provided extensive G&G related services to the Brazilian Exploration and Production sector, including Petrobras and the National Petroleum Agency ("ANP"). The senior partners of Geopex each hold on average over 30 years of experience in the Brazilian oil and gas industry and have collectively worked all major onshore basins in Brazil.

The Geopex team will be based in Salvador, Brazil and be centrally located to Brookwater's Block 166 exploration block in the Reconcavo Basin. Geopex will provide G&G services and assess opportunities across all onshore and shallow offshore Brazilian sedimentary basins as Brookwater looks to grow its asset base and participate in the ANP 11th Bid Round.

Mr. Jason Cho, President and CEO of Brookwater commented, "The addition of Geopex is a significant step to building our technical expertise and presence in Brazil and complements our existing staff in Rio de Janeiro. Geopex's in-house knowledge and expertise is the result of decades of experience working the Brazilian sedimentary basins, which we will now be able to leverage going forward."

A summary of the senior partner members of Geopex:

  • Amaro Ferreira Apoluceno Neto is a petroleum geologist with over 30 years of Exploration and Exploration Management experience focused largely on the onshore and offshore sedimentary basins in North and Northeast Brazil. Amaro spent 23 years as Exploration Manager and Superintendent with Petrobras covering the Potiguar, Solimoes, Aracaju and Bahia Districts and was also Chief Geologist/Exploration Manager in Ecuador Braspetro Branch.
  • Renato Senna de Carvalho is a petroleum and mining geologist with over 40 years of Exploration and Interpretation experience. Renato spent 30 years with Petrobras as Geological and Interpretation Manager in the Sergipe-Alagoas, Reconcavo, South Bahia and Espirito Santo basins. Renato also spent a number of years working as the Exploration Division Manager in the New Frontier and Technology Division of Petrobras and as the Exploration Manager in Petrobras' mining subsidiary (Petromisa).
  • Pedro Luiz Pereira dos Santos is a geophysicist with over 30 years of Geophysical Interpretation and Data Management experience. Pedro spent 21 years with Petrobras in management geophysical acquisition / quality control activities in 2D and 3D seismic crews and seismic processing. Pedro was in charge of seismic interpretation for Petrobras in the Bahia District working mainly in Reconcavo, Tucano, Potiguar, Sergipe-Alagoas, Espirito Santo and Santos basins.

Brookwater also announced today that Água Grande Exploração e Produção de Petróleo Ltda. ("Água Grande"), the Company's wholly-owned Brazilian subsidiary, will spud the exploration well on Block REC-T-166 ("Block 166") in the Reconcavo Basin in Q4 2011 versus Q3 2011. Brookwater holds an exclusive right to a 30% working interest in Block 166 through Agua Grande, while Sonangol Starfish Oil & Gas S.A. ("Sonangol Starfish"), subsidiary of Angola´s state oil company, has operatorship with 40% working interest and Somoil Internacional de Petróleo do Brasil Ltda holds the remaining 30% interest.

The Block 166 exploration well (1-MAC-1-BA) is to target the Macauba prospect, which was identified after proprietary 3D seismic was procured by the concessionaires. More specifically, the well is intended to explore four targets with total estimated recoverable resources of between 3 and 6 mm boe(1). Drilling operations are to be conducted by Pangea, an associated company of Sonangol Starfish with a modern rig. The planned total depth of approximately 2,500 meters is expected to be reached within one month.

About Brookwater:

Brookwater is an emerging oil and gas company with a proven Brazilian management team including members that previously held senior positions within Petróleo Brasileiro S.A – Petrobras. Brookwater is focused on building a portfolio of high impact assets in Brazil and currently holds, through Água Grande, prospective acreage in the prolific Reconcavo Basin.

Água Grande's senior management possesses significant technical knowledge and operational experience in the Brazilian sedimentary basins and regulatory knowledge of the Brazilian oil and natural gas industry which will provide a significant advantage when evaluating opportunities. Brazil has recently attracted significant interest due to its immense petroleum resource potential across 28 sedimentary basins. Currently only 5% of these basins are under contract, leaving enormous opportunity for future exploration. Brazil's National Council of Energy Policy has announced the 11th Concession Bid Round. Among other opportunities Brookwater is currently evaluating, one of the Company's growth strategies is to evaluate and actively participate in the bidding of concession blocks in the 11th bid round. Bidding will consist of 174 blocks of which 87 are on onshore areas and the other 87 are on offshore areas, covering a total of 122,000 km2.

The Recôncavo Basin is a light oil rich mature basin and has produced 1.9 billion barrels of oil and 400 million boe of gas since the first discovery in the early 1940s. With current production of 63 thousand boe/d and recent discoveries such as the Jandaia field (16 million barrels of volume in place of 42º API oil with current production of 2,700 b/d) this basin is still considered very attractive for investment. Block REC-T-166, in which Água Grande has a 30% working interest, lies just west of the Água Grande field, discovered in 1952, and which still produces 3,000 b/d after delivering over 300 million barrels of 42º API oil.

Through its wholly owned subsidiary, Água Grande, Brookwater will participate in the drilling of one exploration well during the fourth quarter of 2011 as part of its commitment in the concession of Block 166. Several low risk exploration targets have been identified on 3D seismic across Block 166.

On behalf of the Board of Directors of BROOKWATER VENTURES INC.

Jason Cho, President & CEO

Please refer to the Company's NI 51‐101 compliant technical report on the Block REC‐T‐166 Concession dated December 31, 2010 entitled "Evaluation of the Interests of Brookwater Ventures Inc. in the REC‐T‐166 Block in the Recôncavo Basin Brazil", available on the SEDAR profile of the Company at www.sedar.com.

Information in this press release expressed in barrels of oil equivalent (boes) is derived by converting natural gas to oil in the ratio of six thousand cubic feet (mcf) of natural gas to one barrel (bbl) of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 5.7 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Forward-looking information

This news release contains forward-looking information relating to the Company's growth and corporate strategy, and other statements that are not historical facts. Forward-looking information relates to management's future outlook and anticipated events or results, and may include statements or information regarding the future plans or prospects of the Company. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forwardlooking information, there may be other factors that cause results not to be as anticipated, estimated or intended.

Forward looking-information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what is currently expected. These factors include risks and uncertainties associated with the contract entered into with Geopex, oil and gas exploration, development, exploitation, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, reliance on key personnel, regulatory risks and delays and other risks and uncertainties discussed in the management discussion and analysis section of the Company's interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forwardlooking information.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

(1) 2.6 mm boe as per NI 51-101 dated December 31, 2010 for the Macauba prospect vs. 6.2 mm boe as per management's estimate

Neither the 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.

Contact Information:

Brookwater Ventures Inc.
Jason Cho
President & CEO
+1 (416) 576 8870
jcho@forbesmanhattan.com

Agua Grande
Wagner Freire
President
(55-21) 2610 8060
wagner.freire@agpetro.com.br