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Brookwater Provides Corporate Update

Source: www.gulfoilandgas.com 9/11/2012, Location: South America

Brookwater Ventures Inc announces that its wholly owned subsidiary, Agua Grande Exploraçao e Produçao de Petroleo 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.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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