Brownstone to Divest of Llanos 27 Project
12 February 2014 - 8:10AM
Marketwired
Brownstone to Divest of Llanos 27 Project
TORONTO, ONTARIO--(Marketwired - Feb 11, 2014) - Brownstone
Energy Inc. (TSX-VENTURE:BWN)(OTCQX:BWSOF) announces that it has
entered into an agreement to assign all of its 34.25% oil and gas
participation interest in the Llanos 27 Project located in the
Llanos Basin of Central Colombia ("Block 27") to Santa Maria
Petroleum Inc. Sucursal Colombia, the Colombian branch of Global
Oil & Gas Services Ltd. and a current participant in the
project. The assignment will be effected for no consideration but
will result in the release of a $1.85 million letter of guarantee
provided on behalf of Brownstone to the Agencia Nacional de
Hidrocarburos, the Colombian government oil and gas agency.
The decision to divest of Brownstone's interest in Block 27 was
made in view of the company's obligations to fund 50% of the work
commitments under the second phase of exploration currently
underway and the desire to deploy working capital cautiously while
the near-term prospects for capital raising remain challenging.
Upon completion of the disposition of the project, which is subject
to the acceptance of the TSX Venture Exchange, Brownstone will have
no remaining oil and gas projects in Colombia and nil oil and gas
reserves.
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.
About Brownstone
Brownstone Energy Inc. is a Canadian-based, energy focused
company with direct interests in oil and gas exploration projects,
including varying interests in two off-shore Israel concessions and
in one Colombian block 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.
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.
Brownstone Energy Inc.Jonathan Schroeder, P. Geoph.President and
COO(403) 660-2894schroeder@brownstoneenergy.comBrownstone Energy
Inc.Gerry FeldmanCFO(416)
941-8900Feldman@brownstoneenergy.comBrownstone Energy Inc.Richard
PatricioVice-President Corporate and Legal Affairs(416)
941-8900info@brownstoneenergy.comwww.brownstoneenergy.com
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