Brookwater Files Fiscal Year-End Financials and Announces the Reappointment of Wagner Freire to the Forbes & Manhattan Adviso...

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.