Brookwater Announces Formation of Special Acquisition Committee
05 August 2011 - 10:00PM
Marketwired
Brookwater Ventures Inc. ("Brookwater" or the "Company") (TSX
VENTURE: BW) announced today that it has formed a Special
Acquisition Committee (the "Committee") to review and approve
certain investment, acquisition, and corporate related transactions
proposed by the Company's management. As the Company is currently
pursuing and evaluating several opportunities to aggressively grow
its business, the Committee will assist and spearhead prioritizing
these opportunities.
Mr. Stan Bharti, Chairman of the board, commented, "We are
excited about a number of current and future prospects under
review. Beyond simply growing our asset base through the upcoming
11th Bidding Round of the ANP, there are a number of other
opportunities that warrant further assessment. Establishing the
Special Acquisition Committee will assist the Company in
prioritizing our approach as we continue our work in the weeks and
months ahead."
The Acquisition Committee is comprised of current board members
and includes:
-- Stan Bharti, President of Forbes & Manhattan and Chairman of the
Company's board of directors;
-- Wagner Freire, former senior executive with Petrobras for over 30 years
and current Brookwater board member and President of Agua Grande
Exploracao e Producao de Petroleo Ltda., Brookwater's wholly-owned
Brazilian subsidiary; and
-- Peter Boot, former senior executive and country manager for ING Bank
throughout South America for 15 years and current Brookwater board
member.
The Acquisition Committee shall convene periodically and shall
have the authority to review and approve merger and acquisition
transactions and investment transactions.
Brookwater is also pleased to announce that its Board of
Directors has appointed Neil Said as the Corporate Secretary of the
Company. Mr. Neil Said is a corporate securities lawyer who works
as a legal consultant to various TSX and TSXV Venture listed
companies in the mining and oil & gas industries. Mr. Said
previously worked as a corporate lawyer at a large Toronto law firm
and obtained his Juris Doctor from the University of Toronto and a
Bachelor of Business Administration from Wilfrid Laurier
University.
The Company also wishes to announce the resignation of Mr. Dan
Bruno as Vice President and Corporate Development of the Company.
Brookwater's Board of Directors would like to thank Mr. Bruno for
his service and contribution to the Company.
About Brookwater:
Brookwater is an emerging oil and gas company with a proven
Brazilian management team including members that previously held
senior positions within Petroleo Brasileiro S.A - Petrobras.
Brookwater is focused on building a portfolio of high impact assets
in Brazil and currently holds, through Agua Grande Exploracao e
Producao de Petroleo Ltda. ("Agua Grande"), its wholly owned
subsidiary, prospective acreage in the prolific Reconcavo
Basin.
Agua Grande's senior management possesses significant technical
knowledge and operational experience in the Brazilian sedimentary
basins and regulatory knowledge of the Brazilian oil and natural
gas industry which will provide a significant advantage when
evaluating opportunities. Brazil has recently attracted significant
interest due to its immense petroleum resource potential across 28
sedimentary basins. Currently only 5% of these basins are under
contract, leaving enormous opportunity for future exploration.
Brazil's National Council of Energy Policy has announced the 11th
Concession Bid Round. Among other opportunities Brookwater is
currently evaluating, part of the Company's growth strategy is to
evaluate and actively participate in the bidding of concession
blocks in this 11th bid round. Bidding is expected to take place in
the third quarter of 2011 and will consist of 174 blocks of which
87 are on onshore areas and the other 87 are on offshore areas,
covering a total of 122,000 km2.
The Reconcavo Basin is a light oil rich mature basin and has
produced 1.9 billion barrels of oil and 400 million boe of gas
since the first discovery in the early 1940s. With current
production of 63 thousand boe/d and recent discoveries such as the
Jandaia field (16 million barrels of volume in place of 42 degrees
API oil with current production of 2,700 b/d) this basin is still
considered very attractive for investments. Block REC-T-166, in
which Agua Grande has a 30% working interest, lies just west of the
Agua Grande field, discovered in 1952, and which still produces
3,000 b/d after delivering over 300 million barrels of 42 degrees
API oil.
Through its wholly owned subsidiary, Agua Grande, Brookwater
will participate in the drilling of one exploration well during the
third quarter of 2011 as part of its commitment in the concession
of Block REC-T-166. Several low risk exploration targets have been
identified on 3D seismic across Block REC T-166.
On behalf of the Board of Directors of BROOKWATER VENTURES
INC.
Jason Cho, President & CEO
Forward-looking information
This news release contains forward-looking information relating
to the Company's growth and corporate strategy, and other
statements that are not historical facts. Forward-looking
information relates to management's future outlook and anticipated
events or results, and may include statements or information
regarding the future plans or prospects of the Company. Although
management of the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended.
Forward-looking information is subject to certain factors,
including risks and uncertainties that could cause actual results
to differ materially from what is currently expected. These factors
include risks and uncertainties associated with oil and gas
exploration, development, exploitation, delays resulting from or
inability to obtain required regulatory approvals and ability to
access sufficient capital from internal and external sources,
reliance on key personnel, regulatory risks and delays and other
risks and uncertainties discussed in the management discussion and
analysis section of the Company's interim and most recent annual
financial statement or other reports and filings with the TSX
Venture Exchange and applicable Canadian securities regulations.
There can be no assurance that such information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
information.
The forward-looking statements contained in this news release
are made as of the date of this news release. Except as required by
law, the Company disclaims any intention and assumes no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Additionally, the Company undertakes no obligation to comment on
the expectations of, or statements made by, third parties in
respect of the matters discussed above.
Neither the 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.
Contacts: Brookwater Ventures Inc. Jason Cho President & CEO
+1 (416) 576 8870 jcho@forbesmanhattan.com Agua Grande Wagner
Freire President (55-21) 2610 8060 wagner.freire@agpetro.com.br
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