Brookwater Announces Management Update

CALGARY, ALBERTA--(Marketwire - May 15, 2012) - Brookwater Ventures Inc. ("Brookwater or the "Company) (TSX VENTURE:BW) announces that effective immediately the Board of Directors has named Mr. Ahmed Said interim President and CEO of the Company. Mr. Said will succeed Mr. Jason Cho.

Mr. Said is a Professional Engineer and has structured and financed over $200 million in equity transactions over the past three years. His recent focus has included M&A transactions and overseeing capital markets operations. Additionally, he has been involved in various host government negotiations and asset acquisitions in Brazil, Colombia, Iraq, Yemen, Syria, Chad, Jamaica, Guyana, Turkey and Nigeria. Mr. Said sits on the boards of several public and private companies.

The Company also announces that it has appointed Mr. Peter Boot as President of Água Grande Exploração e Produção de Petróleo Ltda. ("Agua Grande"), a wholly owned subsidiary of the Company. Mr. Boot replaces Mr. Cho who was interim President of Agua Grande.

Peter Boot has been a Board member of Brookwater since May 2011 and currently lives in Rio de Janeiro. Mr. Boot started his career with ING Bank in Sao Paulo, Brazil and held the position of Country Manager for Paraguay and Bolivia, and Country Manager and Supervisor Board Member of Netherlands Caribbean Bank NV in Havana, Cuba. Mr. Boot currently sits on the board of Mega Energia, a Brazilian company involved in equipment lease, gas stations, real estate and mining. Mr. Boot is also a board member of Steel Participacoes e investimentos SA.

The Board of Directors also announces that effective immediately Helio Diniz and Jason Cho will no longer sit on the Board of Directors of the Company.

The Board of Brookwater would like to thank Mr. Cho and Mr. Diniz for their service and the contributions they have made to the Company and wish them well in the future.

About Brookwater:

Brookwater Ventures Inc. is a Canadian independent oil exploration company focused on growing its asset base primarily in Brazil. The Company's wholly-owned Brazilian-based subsidiary, Agua Grande, is party to a Farm-Out Agreement with Somoil and Sonangol Starfish, pursuant to which Agua Grande has acquired an undivided 30% interest in an oil & gas exploration concession ("Block REC-T-166") located in the Recôncavo Basin in Brazil. Brookwater's shares are listed on the TSX Venture Exchange under the symbol "BW".

The Company believes that a tremendous opportunity exists in Brazil, where only approximately 6% of the sedimentary basins have been titled for exploration and development. The country remains underexploited and the Company believes that to capitalize on these opportunities requires investing in and leveraging a domestic team with basin knowledge, technical expertise and a network of relationships to optimize risk adjusted returns.

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 forward‐looking 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 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 forward‐looking 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.