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BW

0.00
0.00 (0.00%)
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 Receives Notice of Default

30/06/2012 1:21am

Marketwired Canada


Brookwater Ventures Inc. ("Brookwater or the "Company) (TSX VENTURE:BW)
announces that its wholly owned subsidiary, Agua Grande Exploracao e Producao de
Petroleo Ltda., has been issued a notice of default from the operator of Block
166 in the Reconcavo Basin in Brazil ("Block 166") for its failure to pay
outstanding cash calls related to the farmout agreement and joint operating
agreement ("JOA") within the period of time specified under the JOA. 


Under the terms of the JOA, Brookwater has 60 days to remedy the default by
paying the full amount of the outstanding balance to the operator. In the event
that the default continues for more than 60 days, the operator has the option to
require that Brookwater withdraw its interest in the JOA and Block 166.
Brookwater is working with the operator to resolve the default and satisfy the
outstanding cash calls.  


About Brookwater: 

Brookwater Ventures Inc. is a Canadian independent oil exploration company
focused on growing its asset base primarily in Brazil. 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 default notice received from the operator of Block 166; the
potential withdrawal by Brookwater of its interest in Block 166; and 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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