TORONTO, ONTARIO--(Marketwire - May 26, 2011) -Brownstone Energy Inc. (TSX VENTURE:BWN) today announces its unaudited results for the three and nine months ended March 31, 2011.
As at March 31, 2011, the Company had cash and cash equivalents of $30.4 million as compared to $1.8 million as at June 30, 2010. Investments at fair value totaled $13.6 million as at March 31, 2011 as compared to $17.2 million as at June 30, 2010. Also as at March 31, 2011, oil & gas properties and related expenditures totaled $45.5 million as compared to $36.2 million as at June 30, 2010.
Financial Highlights for the three and nine months ending March 31, 2011 with comparatives:
| Operating Results (unaudited) | Three months ended March 31, | Nine months ended March 31, | |||||||||
| 2011 | 2010 | 2011 | 2010 | ||||||||
| Realized gains (losses) on disposal of investments, net | $ | 111,277 | $ | (206,693 | ) | $ | (612,899 | ) | $ | 570,662 | |
| Unrealized gains (losses) on investments, net | (256,829 | ) | 5,171,474 | 4,984,979 | 7,890,645 | ||||||
| Net investment gains (losses) | (145,552 | ) | 4,964,781 | 4,372,080 | 8,461,307 | ||||||
| Net and comprehensive income (loss) for the period | (1,461,881 | ) | 3,512,888 | 1,193,188 | 2,102,288 | ||||||
| Basic earnings (loss) per share | (0.01 | ) | 0.05 | 0.01 | 0.03 | ||||||
| Diluted earnings (loss) per share | (0.01 | ) | 0.05 | 0.01 | 0.03 | ||||||
| Balance Sheet Highlights | March 31, 2011 | June 30, 2010 | ||||
| Cash and cash equivalents | $ | 30,372,364 | $ | 1,832,230 | ||
| Investments, at fair value | 13,575,445 | 17,174,119 | ||||
| Oil & gas properties and related expenditures | 45,485,321 | 36,167,168 | ||||
| Total assets | 93,045,380 | 63,961,793 | ||||
| Total liabilities | 231,847 | 2,113,363 | ||||
| Share capital, warrants and contributed surplus | 111,826,196 | 82,054,281 | ||||
| Deficit | (19,012,663 | ) | (20,205,851 | ) | ||
| Working Capital | 45,215,519 | 20,394,295 | ||||
During the nine months ended March 31, 2011, the Company spent cash of $9,581,481 on oil & gas properties and related expenditures.
Brownstone is currently participating in several 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 company with direct interests in oil and gas exploration projects, including varying interests in 5 off-shore Israel concessions and in 4 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: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.
Contact Information:
Jonathan Schroeder, P. Geoph.
President and COO
(403) 660-2894
schroeder@brownstoneventures.com
Brownstone Energy Inc.
Richard Patricio
Vice-President Corporate and Legal Affairs
(416) 941-8900
info@brownstoneventures.com
www.brownstoneenergy.com