Brownstone Ventures appointed Jonathan Schroeder, P. Geoph President and Chief Operating Officer and a Director of Brownstone, effective March 3, 2010.
Mr. Schroeder was most recently the Director, Oil and Gas Operations for Vangold Resources Ltd., an active exploration company for oil and gas in east Africa. Previously, Mr. Schroeder was the President and founder of two private oil and gas companies, Gladius Energy Inc. and Carrack Energy Inc., both private western-Canadian, oil and gas exploration and production companies, which he developed from concept to production (in the case of Gladius to over 1,000 boe/d) and eventual sale. Mr. Schroeder began his career with Petro-Canada Inc., where he spent 13 years exploring and drilling across Canada. Mr. Schroeder has a BSc. Astrophysics from the University of Calgary (1982) and is a Professional Geophysicist.
Mr. Sheldon Inwentash, Chief Executive Officer of Brownstone, commented, "We are delighted to have Jonathan as a member of the Brownstone team. We have spent several years assembling a portfolio of oil and gas assets and have reached a stage where someone with Jonathan's credentials can add significant value to Brownstone's business. We look forward to Jonathan's insight and management of our diverse array of projects and we see 2010 as a real opportunity for growth for the Company. Jonathan is a true oil and gas entrepreneur and we welcome him to the team."
Mr. Schroeder stated, "Brownstone has an impressive collection of global oil and gas interests and an aggressive program for 2010 with drilling plans in Argentina, Brazil, India and Colombia. I look forward to managing the projects and furthering Brownstone's interests in these and other new prospects."
Mr. Schroeder will head Brownstone's new Calgary office. As part of its plans for 2010, Brownstone anticipates changing its name to Brownstone Energy Inc., subject to shareholder approval at its annual meeting later this year.
The appointment of Mr. Schroeder remains subject to the approval of the TSX Venture Exchange.
Along with his appointment, pursuant to Brownstone's stock option plan and subject to TSX Venture Exchange approval, the Board has granted 500,000 stock options to Mr. Schroeder, exercisable at $0.65 per share for a term of up to five years. The options will vest quarterly over a period of 18 months.
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