Brookwater Files Fiscal Year-End Financials and Announces the Reappointment of Wagner Freire to the Forbes & Manhattan Adviso...
29 November 2011 - 12:00AM
Marketwired
Brookwater Ventures Inc. ("Brookwater" or the "Company") (TSX
VENTURE:BW) announced today the completion and filing of its fiscal
2011 audited financial statements, for the year ended July 31,
2011. Full financial statements, notes and related Management
Discussion and Analysis can be found on the SEDAR profile of the
Company at www.sedar.com. As at July 31, 2011, the Company reported
$5.4 million of cash and positive working capital of $4.6 million,
which is expected to be sufficient to cover upcoming exploration
activities on Block REC-T-166. During the year ended July 31, 2011,
Brookwater increased its cash on hand as a result of a successful
private placement and cash received upon closing the acquisition of
Agua Grande Exploracao e Producao de Petroleo Ltda. ("Agua
Grande"), offset by expenditures for operations and corporate
expenses.
The acquisition of Agua Grande has provided the Company with
exploration acreage in the Reconcavo basin with a 30% working
interest in Block REC-T-166 and also establishes a
domestically-based oil & gas platform in Brazil. Brookwater
will leverage this platform to identify, evaluate and pursue
potential farm-in and/or acquisition targets as well as in the
upcoming Brazilian National Petroleum Agency ("ANP") bid-round
process.
Brookwater also announced today that Wagner Freire has retired
from the Company and has been reappointed to the Forbes &
Manhattan ("F&M") Advisory Board to focus his attention on
energy opportunities for the F&M Group of Companies commencing
December 1, 2011. Mr. Freire will continue to serve as a member of
the Board of Directors of Brookwater and the Board of Directors has
accepted his resignation as President of Agua Grande.
The Company thanks Mr. Freire for his service to Agua Grande and
wishes him well in his new position with the F&M Advisory
Board. Brookwater has commenced a search for a new President of
Agua Grande and expects to provide an update in due course.
Brookwater has appointed Jason Cho, currently President and CEO of
Brookwater, as interim President of Agua Grande.
About Brookwater:
Brookwater is an emerging oil and gas company with an
experienced Brazilian management team. Brookwater is focused on
building a portfolio of high impact assets in Brazil and currently
holds, through Agua Grande, 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. 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, one of the Company's growth strategies is to
evaluate and actively participate in the bidding of concession
blocks in the 11th bid round. Bidding 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 investment. 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
fourth quarter of 2011 as part of its commitment in the concession
of Block 166. Several low risk exploration targets have been
identified on 3D seismic across Block 166.
On behalf of the Board of Directors of BROOKWATER VENTURES
INC.
Jason Cho, President & CEO
Please refer to the Company's NI 51-101 compliant technical
report on the Block REC-T-166 Concession dated December 31, 2010
entitled "Evaluation of the Interests of Brookwater Ventures Inc.
in the REC-T-166 Block in the Reconcavo Basin Brazil", available on
the SEDAR profile of the Company at www.sedar.com.
Information in this press release expressed in barrels of oil
equivalent (boes) is derived by converting natural gas to oil in
the ratio of six thousand cubic feet (mcf) of natural gas to one
barrel (bbl) of oil. Boe may be misleading, particularly if used in
isolation. A boe conversion ratio of 5.7 mcf: 1 bbl is based on an
energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the
wellhead.
Forward-looking information
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to,
statements with respect to the financial condition of the Company;
the development of Block Rec-T-166; costs associated with Block
Rec-T-166; the potential of Block Rec-T-166; statements regarding
estimates of petroleum volumes; and statements with respect to the
effect of the retirement and appointment of officers of
subsidiaries of the Company. Forward looking information can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking information, including but not
limited to: general business, economic, competitive, geopolitical
and social uncertainties; the actual results of exploration
activities; regulatory risks; risks inherent in foreign operations;
and other risks of the oil and gas industry. Although 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. 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 Company
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
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 8870jcho@forbesmanhattan.com
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