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BW

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Share Name Share Symbol Market Type
TSXV:BW TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Brookwater Announces Management Update

16/05/2012 2:26am

Marketwired Canada


Brookwater Ventures Inc. ("Brookwater or the "Company) (TSX VENTURE:BW)
announces that effective immediately the Board of Directors has named Mr. Ahmed
Said interim President and CEO of the Company. Mr. Said will succeed Mr. Jason
Cho. 


Mr. Said is a Professional Engineer and has structured and financed over $200
million in equity transactions over the past three years. His recent focus has
included M&A transactions and overseeing capital markets operations.
Additionally, he has been involved in various host government negotiations and
asset acquisitions in Brazil, Colombia, Iraq, Yemen, Syria, Chad, Jamaica,
Guyana, Turkey and Nigeria. Mr. Said sits on the boards of several public and
private companies. 


The Company also announces that it has appointed Mr. Peter Boot as President of
Agua Grande Exploracao e Producao de Petroleo Ltda. ("Agua Grande"), a wholly
owned subsidiary of the Company. Mr. Boot replaces Mr. Cho who was interim
President of Agua Grande.  


Peter Boot has been a Board member of Brookwater since May 2011 and currently
lives in Rio de Janeiro. Mr. Boot started his career with ING Bank in Sao Paulo,
Brazil and held the position of Country Manager for Paraguay and Bolivia, and
Country Manager and Supervisor Board Member of Netherlands Caribbean Bank NV in
Havana, Cuba. Mr. Boot currently sits on the board of Mega Energia, a Brazilian
company involved in equipment lease, gas stations, real estate and mining. Mr.
Boot is also a board member of Steel Participacoes e investimentos SA. 


The Board of Directors also announces that effective immediately Helio Diniz and
Jason Cho will no longer sit on the Board of Directors of the Company. 


The Board of Brookwater would like to thank Mr. Cho and Mr. Diniz for their
service and the contributions they have made to the Company and wish them well
in the future.


About Brookwater: 

Brookwater Ventures Inc. is a Canadian independent oil exploration company
focused on growing its asset base primarily in Brazil. The Company's
wholly-owned Brazilian-based subsidiary, Agua Grande, is party to a Farm-Out
Agreement with Somoil and Sonangol Starfish, pursuant to which Agua Grande has
acquired an undivided 30% interest in an oil & gas exploration concession
("Block REC-T-166") located in the Reconcavo Basin in Brazil. Brookwater's
shares are listed on the TSX Venture Exchange under the symbol "BW". 


The Company believes that a tremendous opportunity exists in Brazil, where only
approximately 6% of the sedimentary basins have been titled for exploration and
development. The country remains underexploited and the Company believes that to
capitalize on these opportunities requires investing in and leveraging a
domestic team with basin knowledge, technical expertise and a network of
relationships to optimize risk adjusted returns. 


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.


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