TORONTO, ONTARIO--(Marketwire - Sept. 28, 2011) - Brownstone Energy Inc. (TSX VENTURE:BWN)(OTCQX:BWSOF) ("Brownstone" or the "Company") today announces its audited results for the year ended June 30, 2011.
As at June 30, 2011, the Company had cash and cash equivalents of $29.8 million as compared to $1.8 million as at June 30, 2010. Investments at fair value totaled $12.4 million as at June 30, 2011 as compared to $17.2 million as at June 30, 2010. Also as at June 30, 2011, oil and gas properties and related expenditures totaled $49.1 million as compared to $36.2 million as at June 30, 2010.
Financial Highlights for the year ending June 30, 2011 with comparatives:
| Operating Results | Year ended June 30, | |||||
| 2011 | 2010 | |||||
| Realized gains (losses) on disposal of investments, net | $ | (1,385,033 | ) | $ | 647,190 | |
| Unrealized gains on investments, net | 5,050,138 | 3,949,027 | ||||
| Net investment gains | 3,665,105 | 4,596,217 | ||||
| Total expenses | 5,954,490 | 25,711,195 | ||||
| Net and comprehensive loss for the year | (1,299,013 | ) | (22,069,004 | ) | ||
| Basic and diluted loss per common share | (0.01 | ) | (0.31 | ) | ||
| As at June 30, | ||||||
| Balance Sheet Highlights | 2011 | 2010 | ||||
| Cash and cash equivalents | $ | 29,833,806 | $ | 1,832,230 | ||
| Investments, at fair value | 12,350,483 | 17,174,119 | ||||
| Oil and gas properties and related expenditures | 49,076,358 | 36,167,168 | ||||
| Total assets | 97,614,700 | 63,961,793 | ||||
| Total liabilities | 1,497,064 | 2,113,363 | ||||
| Share capital, warrants, broker warrants, and contributed surplus | 117,622,500 | 82,054,281 | ||||
| Deficit | (21,504,864 | ) | (20,205,851 | ) | ||
| Working Capital | 46,507,056 | 20,394,295 | ||||
During the year ended June 30, 2011, the Company spent net cash of $12,772,103 on oil and 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 three off-shore Israel concessions and in four 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@brownstoneenergy.com
Brownstone Energy Inc.
Richard Patricio
Vice-President Corporate and Legal Affairs
(416) 941-8900
info@brownstoneenergy.com
www.brownstoneenergy.com