Brownstone Energy Inc. Releases Unaudited Results for the Three Months Ended September 30, 2013

Brownstone Energy Inc. Releases Unaudited Results for the Three Months Ended September 30, 2013
  
 

TORONTO, ONTARIO--(Marketwired - Nov 28, 2013) - Brownstone Energy Inc. (TSX-VENTURE:BWN)(OTCQX:BWSOF) ("Brownstone" or the "Company") today announces its unaudited results for the three months ended September 30, 2013.

As at September 30, 2013, the Company had cash and cash equivalents of $7.7 million as compared to $9.6 million as at June 30, 2013. Investments at fair value totaled $2.1 million as at September 30, 2013 as compared to $1.7 million as at June 30, 2013. Also, as at September 30, 2013, exploration and evaluation assets totaled $16.5 million as compared to $17.3 million as at June 30, 2013.

Financial Highlights for the three months ending September 30, 2013 with comparatives:

Operating Results	Three months ended September 30,
	2013			2012
Net change in unrealized gains (losses) on investments	$	429,186		$	(287,466	)
Total expenses		927,302			720,759
Loss for the period		(517,924	)		(1,095,691	)
Basic and diluted loss per common share		(0.00	)		(0.01	)

Consolidated statements of financial position highlights	September 30, 2013			June 30, 2013
Cash and cash equivalents	$	7,692,489		$	9,595,064
Investments, at fair value		2,096,394			1,667,208
Exploration and evaluation assets		16,536,187			17,274,483
Total assets		28,033,402			30,452,958
Total liabilities		1,926,198			3,551,120
Share capital, warrants and broker warrants, contributed surplus		121,012,712			120,963,437
Foreign currency translation reserve		(405,066	)		(79,081	)
Deficit		(94,500,442	)		(93,982,518	)
Working Capital		9,571,017			8,992,430

During the three months ended September 30, 2013, the Company spent cash (net of oil sales) of $1.1 million on exploration and evaluation assets as compared to $5.6 million during the three months ended September 30, 2012.

Brownstone is currently participating in several oil and gas exploration projects based in Colombia, Israel, United States (Colorado/Utah and Oregon), and Argentina.

About Brownstone

Brownstone Energy Inc. is a Canadian-based, energy focused company with direct interests in oil and gas exploration projects in several countries, including off-shore Israel and in the Llanos basin, Colombia. 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.

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.

Brownstone Energy Inc.Jonathan Schroeder, P. Geoph.President and COO(403) [e-mail] Energy Inc.Richard PatricioVice-President Corporate and Legal Affairs(416) [e-mail] Energy Inc.Gerry Feldman, CPA, CAChief Financial Officer(416) [e-mail]