Toronto, Canada (May 7, 2013) - Brownstone Energy Inc. (TSXV: BWN; OTCQX: BWSOF) (“Brownstone” or “the Company”) today announces that it has agreed to sell its 25% oil and gas participating interest in the Canaguaro Block in the Llanos Basin in Colombia to Petrominerales Ltd.
Petrominerales will pay Brownstone a total of US$6.0 million in cash for its 25% private participating interest, subject to customary post-closing price adjustments. The sale is expected to be completed in the next 30 days , subject to the satisfaction of certain closing conditions, including receipt of regulatory and other approvals .
Following the sale of its interest in the Canaguaro block, Brownstone will continue to hold its private participating interests in two other blocks in the Llanos basin of Colombia - LLA27 and LLA 36 - and its option on block LLA21.
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.
For further information, please contact:
Jonathan Schroeder, P. Geoph., President and COO
(403) 660-2894
schroeder@brownstoneenergy.com
Gerry Feldman, CFO
(416) 941-8900
Feldman@brownstoneenergy.com
Richard Patricio, Vice-President Corporate and Legal Affairs
(416) 941-8900
info@brownstoneenergy.com
Cautionary Statements
This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws (together, "forward-looking information"). The use of any of the words "expect", "anticipate", "continue", "estimate", "believe", "plans", "intends", "confident", "may", "objective", "ongoing", "will", "should", "project", "should" and similar expressions are intended to identify forward-looking information.
The forward-looking information is based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning the operational results in the U.S.A. Although the Company believes that the expectations and assumptions on which the forward-looking information are based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct.
Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the inherent risks involved in the exploration and development of oil and gas properties, the uncertainties involved in interpreting drilling results and other geological data, uncertainties relating to fluctuating oil and gas prices, the possibility of cost overruns or unanticipated costs and expenses and other factors including unforeseen delays. Anticipated exploration and development plans relating to the Company's properties are subject to change.
The foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information contained in this press release is made as of the date hereof and Brownstone undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
