CALGARY, ALBERTA--(Marketwire - April 24, 2012) - Brookwater Ventures Inc. ("Brookwater" or the "Company") (TSX VENTURE:BW) announces the departure of Mr. Darren Moulds from his position as Chief Financial Officer of Brookwater. Mr. Moulds has tendered his resignation from the Company as he intends to focus on other opportunities. Mr. Moulds has agreed to remain with the Company over the short term to transition his duties on an as needed basis.
The management and board of Brookwater would like to thank Mr. Moulds for his service and the contributions he has made to the Company and wish him well in the future.
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 Recôncavo 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.
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
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.
NEITHER THE 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.