CALGARY, ALBERTA--(Marketwire - Sept. 11, 2012) - Brookwater Ventures Inc. ("Brookwater" or the "Company) (TSX VENTURE:BW) announces that its wholly owned subsidiary, Água Grande Exploração e Produção de Petróleo Ltda. ("Agua Grande"), has been notified by the operator of block 166 in the Recôncavo Basin in Brazil ("Block 166") that due to the current dispute over non-payment by Agua Grande of certain outstanding cash calls, the operator of Block 166 plans to apply to the governmental and regulatory authorities to assume the Company's 30% working interest in Block 166 pursuant to the terms of the joint operating agreement entered into among the parties. The Company is disputing the notice provided by the operator and plans to pursue all legal remedies available. If unsuccessful, the Company could lose its interest in Block 166. The loss of the Company's interest in Block 166 is also an event of default under the promissory note entered into by the Company on July 19, 2012 (the "Promissory Note"). Pursuant to the terms of the Promissory Note, upon an event of default the noteholder has the option to declare the principal of the Promissory Note outstanding together with all interest accrued and unpaid immediately due and payable.
The Company also announces that it has appointed Mr. Scott Moore to the board of directors of Brookwater. Mr. Moore takes the place vacated by Mr. Stan Bharti who has resigned from the board to focus on other commitments. Brookwater remains a member of the Forbes & Manhattan Group of Companies and continues to receive all of the benefits of such membership, including access to a world class team of geologists and petroleum engineers, advice from Mr. Bharti and other Forbes & Manhattan capital market professionals and strategic advice from the Forbes & Manhattan Board of Advisors.
Mr. Moore is an experienced business executive with over 20 years in the resource and durable goods sector. He is currently the President and CEO of Dacha Strategic Metals Inc. and Chief Operating Officer of Forbes & Manhattan Inc. He holds a Bachelor of Arts degree from the University of Toronto and an MBA from the Kellogg School of Management.
The Company is additionally in advanced stages of evaluating several acquisition opportunities, and hopes to capitalize on its in-country operational expertise to create shareholder value.
Brookwater Ventures Inc. is a Canadian independent oil exploration company focused on growing its asset base primarily in Brazil.
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 notice received from the operator of Block 166; the loss by Brookwater and Agua Grande of their interest in Block 166; default under the Promissory Note; the appointment and resignation of directors of the Company; 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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