Brownstone Energy Inc. Releases Results for the Year Ended June 30, 2014
TORONTO, ONTARIO--(Marketwired - Oct 24, 2014) - Brownstone Energy Inc. (TSX VENTURE:BWN)(BWSOF) ("Brownstone" or the "Company") today announces its results for the year ended June 30, 2014.
As at June 30, 2014, the Company had cash and cash equivalents of $5.4 million as compared to $9.6 million as at June 30, 2013. Investments at fair value totaled $3.7 million as at June 30, 2014 as compared to $1.7 million as at June 30, 2013. Also, as at June 30, 2014, exploration and evaluation assets totaled $4.9 million as compared to $17.3 million as at June 30, 2013.
Financial Highlights for the year ending June 30, 2014 with comparatives:
Operating Results | Year ended June 30, | |||
2014 | 2013 | |||
Net realized losses on disposal of investments | $ | (5,155,874) | $ | - |
Net change in unrealized gains (losses) on investments | 6,043,813 | (1,604,261) | ||
Net investment gains (losses ) | 887,939 | (1,604,261) | ||
Operating, general and administrative expenses | 2,455,295 | 2,691,218 | ||
Impairment of exploration and evaluation assets | 11,839,435 | 36,394,392 | ||
Loss for the year | (13,355,875) | (40,860,181) | ||
Basic and diluted loss per common share | (0.10) | (0.31) | ||
Consolidated statements of financial position Highlights |
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Cash and cash equivalents | $ | 5,377,283 | $ | 9,595,064 |
Investments, at fair value | 3,707,817 | 1,667,208 | ||
Exploration and evaluation assets | 4,911,743 | 17,274,483 | ||
Total assets | 15,115,615 | 30,452,958 | ||
Total liabilities | 1,031,132 | 3,551,120 | ||
Share capital, warrants and broker warrants, contributed surplus | 121,135,056 | 120,963,437 | ||
Foreign currency translation reserve | 287,820 | (79,081) | ||
Deficit | (107,338,393) | (93,982,518) | ||
Working Capital | 9,172,740 | 8,992,430 | ||
During the year ended June 30, 2014, the Company spent cash (net of oil sales) of $1.6 million on exploration and evaluation assets as compared to $10.9 million during the year ended June 30, 2013. During the year ended June 30, 2014, the Company recorded an impairment of $11.8 million (2013 - $36.4 million) on its exploration and evaluation assets. During the year ended June 30, 2014, the Company assigned all of its 34.25% private participating interest in Block 27 (Llanos project located in Colombia) back to the operator of the Block for nil consideration. Brownstone has no remaining oil and gas projects in Colombia.
Brownstone is currently participating in several oil and gas exploration projects based in United States (Colorado/Utah and Oregon), Israel and Argentina.
About Brownstone
Brownstone Energy Inc. is a Canadian-based, energy focused company with direct and indirect interests in oil and gas exploration projects. 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.
