Brownstone Energy Inc. Releases Unaudited Results for the Three Months Ended September 30, 2013
November 28 2013 - 3:00PM
Marketwired Canada
Brownstone Energy Inc. (TSX VENTURE:BWN)(OTCQX:BWSOF) ("Brownstone" or the
"Company") today announces its unaudited results for the three months ended
September 30, 2013.
As at September 30, 2013, the Company had cash and cash equivalents of $7.7
million as compared to $9.6 million as at June 30, 2013. Investments at fair
value totaled $2.1 million as at September 30, 2013 as compared to $1.7 million
as at June 30, 2013. Also, as at September 30, 2013, exploration and evaluation
assets totaled $16.5 million as compared to $17.3 million as at June 30, 2013.
Financial Highlights for the three months ending September 30, 2013 with
comparatives:
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Operating Results Three months ended September 30,
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2013 2012
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Net change in unrealized gains (losses)
on investments $ 429,186 $ (287,466)
Total expenses 927,302 720,759
Loss for the period (517,924) (1,095,691)
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Basic and diluted loss per common share (0.00) (0.01)
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Consolidated statements of financial
position highlights September 30, 2013 June 30, 2013
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Cash and cash equivalents $ 7,692,489 $ 9,595,064
Investments, at fair value 2,096,394 1,667,208
Exploration and evaluation assets 16,536,187 17,274,483
Total assets 28,033,402 30,452,958
Total liabilities 1,926,198 3,551,120
Share capital, warrants and broker
warrants, contributed surplus 121,012,712 120,963,437
Foreign currency translation reserve (405,066) (79,081)
Deficit (94,500,442) (93,982,518)
Working Capital 9,571,017 8,992,430
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During the three months ended September 30, 2013, the Company spent cash (net of
oil sales) of $1.1 million on exploration and evaluation assets as compared to
$5.6 million during the three months ended September 30, 2012.
Brownstone is currently participating in several oil and gas exploration
projects based in Colombia, Israel, United States (Colorado/Utah and Oregon),
and Argentina.
About Brownstone
Brownstone Energy Inc. is a Canadian-based, energy focused company with direct
interests in oil and gas exploration projects in several countries, including
off-shore Israel and in the Llanos basin, Colombia. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Brownstone Energy Inc.
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
Brownstone Energy Inc.
Gerry Feldman, CPA, CA
Chief Financial Officer
(416) 643-3884
feldman@brownstoneenergy.com
www.brownstoneenergy.com