Business & Finance
Tue, June 1, 2010Mon, May 31, 2010Fri, May 28, 2010Thu, May 27, 2010Wed, May 26, 2010Tue, May 25, 2010Mon, May 24, 2010Sun, May 23, 2010Fri, May 21, 2010Brownstone Ventures Inc. Releases Unaudited Results for the Three and Nine Months Ended March 31, 2010
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Published in Business and Finance on Wednesday, May 26th 2010 at 13:50 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
TORONTO, ONTARIO--(Marketwire - May 26, 2010) - Brownstone Ventures Inc. (TSX VENTURE:BWN) today announces its unaudited results for the three and nine months ended March 31, 2010.
As at March 31, 2010, the Company had cash and cash equivalents and due from brokers of $5.2 million as compared to $2.3 million as at June 30, 2009. Investments at fair value totaled $21.0 million at March 31, 2010 as compared to $19.3 million at June 30, 2009. Also at March 31, 2010, oil & gas properties and related expenditures totaled $40.1 million as compared to $38.1 million as at June 30, 2009.
| Financial Highlights for the three and nine months ending March 31, 2010 with comparatives: | ||||||||||
| Operating Results (unaudited) | Three months ended March 31, | Nine months ended March 31, | ||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||
| Realized gains (losses) on disposal of investments, net | $ | (206,693 | ) | (120,719 | ) | $ | 570,662 | $ | 1,336,352 | |
| Unrealized gains (losses) on investments, net | 5,171,474 | (1,801,617 | ) | 7,890,645 | (47,286,949 | ) | ||||
| Net investment gains (losses) | 3,512,888 | (1,922,336 | ) | 8,461,307 | (45,950,597 | ) | ||||
| Net income (loss) for the period | 4,964,781 | (2,048,301 | ) | 2,102,288 | (37,197,057 | ) | ||||
| Basic earnings (loss) per share | 0.05 | (0.04 | ) | 0.03 | (0.73 | ) | ||||
| Diluted earnings (loss) per share | 0.05 | (0.04 | ) | 0.03 | (0.73 | ) | ||||
| Balance Sheet Highlights | March 31, 2010 | June 30, 2009 | ||
| Cash and cash equivalents | $ | 5,009,530 | $ | 2,287,775 |
| Investments, at fair value | 20,984,871 | 19,343,660 | ||
| Oil & gas properties and related expenditures | 40,066,789 | 38,145,216 | ||
| Total assets | 76,987,495 | 70,638,276 | ||
| Total liabilities | 124,984 | 366,846 | ||
| Share capital, shares to be issued, warrants and contributed surplus | 72,897,070 | 68,408,277 | ||
| Retained earnings | 3,965,441 | 1,863,153 | ||
| Working Capital | 29,197,646 | 26,708,011 | ||
During the three months ended March 31, 2010, the Company spent cash of $1,990,474 on oil & gas properties and related expenditures and wrote-off $235,503 primarily relating to its Utah (U.S) properties on which the Company allowed leases to lapse. During the nine months ended March 31, 2010, the Company spent cash of $3,366,323 on oil & gas properties and related expenditures and wrote-off $3,569,750 primarily relating to a significant portion of its Brazilian properties which had unsuccessful drill results.
Brownstone is currently participating in eight oil and gas exploration projects based in the United States (Colorado/Utah and Oregon), Colombia, Israel, Argentina, Brazil, and Canada.
Brownstone also announces that pursuant to Brownstone's stock option plan and subject to TSX Venture Exchange approval, the Board has granted a total of 130,000 stock options to certain directors and an employee of the Company. In accordance with Brownstone's stock option plan, these options are exercisable at $0.43 per share for a term of up to five years and vest quarterly over a period of 18 months.
About Brownstone – Brownstone Ventures 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; 295km2 in the Assam/Arakan Basin, Northeast India; 253,000 acres in Rio Negro, Argentina; interests in projects in Brazil; a 50% interest in approximately 160,000 hectares in the Quėbec Lowlands and a 15% participating interest in two off-shore Israel oil and gas block; and is earning interests (14-35%) in 3 Colombian blocks in the Llanos basin. For additional information, please see Brownstone's website: [ www.brownstoneventures.com ].
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
