TORONTO, ONTARIO--(Marketwire - Feb. 24, 2011) - Brownstone Energy Inc. (TSX VENTURE:BWN) 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:
| Operating Results (unaudited) | Three months ended December 31, |
Six months ended December 31, |
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| 2010 | 2009 | 2010 | 2009 | ||||||||
| Realized gains on disposal of investments, net | $ | 279,670 | $ | 699,799 | $ | (724,176 | ) | $ | 777,355 | ||
| Unrealized gains (losses) on investments, net | 4,178,644 | (968,470 | ) | 5,241,808 | 2,719,171 | ||||||
| Net investment gains (losses) | 4,458,314 | (268,671 | ) | 4,517,632 | 3,496,526 | ||||||
| Net and comprehensive income (loss) for the period | 3,117,392 | (762,474 | ) | 2,655,069 | (1,410,600 | ) | |||||
| Basic earnings (loss) per share | 0.04 | (0.01 | ) | 0.03 | (0.02 | ) | |||||
| Diluted earnings (loss) per share | 0.03 | (0.01 | ) | 0.03 | (0.02 | ) | |||||
| Balance Sheet Highlights | December 31, 2010 | June 30, 2010 | ||||
| Cash and cash equivalents | $ | 8,700,056 | $ | 1,832,230 | ||
| Investments, at fair value | 14,458,169 | 17,174,119 | ||||
| Oil & gas properties and related expenditures | 40,134,618 | 36,167,168 | ||||
| Total assets | 68,601,793 | 63,961,793 | ||||
| Total liabilities | 3,302,037 | 2,113,363 | ||||
| Share capital, warrants and contributed surplus | 82,850,538 | 82,054,281 | ||||
| Deficit | (17,550,782 | ) | (20,205,851 | ) | ||
| Working Capital | 23,002,877 | 20,394,295 | ||||
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.
Contact Information: Brownstone Energy Inc.
Jonathan Schroeder, P. Geoph.
President and COO
(403) 660-2894
schroeder@brownstoneventures.com
or
Brownstone Energy Inc.
Richard Patricio
Vice-President Corporate and Legal Affairs
(416) 941-8900
info@brownstoneventures.com
www.brownstoneenergy.com