BrazAlta Resources Corp.

BrazAlta Resources Corp.
Brownstone Ventures Inc.

Brownstone Ventures Inc.

October 01, 2007 08:30 ET

BrazAlta Resources Corp. and Brownstone Ventures Inc. Enter Into Farm-In Agreements

CALGARY, ALBERTA--(Marketwire - Oct. 1, 2007) - BrazAlta Resources Corp. ("BrazAlta") (TSX VENTURE:BRX) and Brownstone Ventures Inc. ("Brownstone") (TSX VENTURE:BWN) are pleased to announce that Brownstone has entered into two farm-in agreements with BrazAlta and W.Washington Empreendimentos E Participacoes Ltda. ("W.Washington") to earn interests in Blocks 204, 219, 234 and Test Well Block 235 and Blocks, 94, 105, 115 and 116, each in the Reconcavo Basin, Brazil, on the following general terms and conditions.

Blocks 204, 219, 234 and Test Well Block 235

Under the terms of this farm-in agreement, Brownstone can earn a 15 percent interest of the Test Well Block and a 15 percent interest of Blocks 204, 219 and 234, all Blocks being located in the State of Bahia in the Reconcavo basin, Brazil, by paying 25% of the costs associated with the drilling of a test well. It is anticipated that the test well will be drilled in the fourth quarter of fiscal 2007.

Blocks 94, 105, 115 and 116

Under the terms of the second farm-in agreement, by Brownstone paying 25% of the costs associated with a 120 square kilometre 3D seismic shoot, it can earn a 12.5% interest in each of Blocks 94, 105, 115 and 116, which are all adjacent to the Fazenda Santa Estevao Field located in the State of Bahia in the Reconcavo basin, Brazil. It is anticipated that the seismic program commence within the next 30 days.

Brownstone, BrazAlta and W.Washington await final approval from the Agencia National De Petroleum ("ANP") on their Round 8 block awards in the Tucano Basin, North Eastern Brazil. As discussed in press releases dated November 30, 2006, Brownstone, BrazAlta and W.Washington have formed a joint venture pursuant to which they will co-operate on the ownership and development of the combined five blocks awarded in the Round 8 land auctions.

BrazAlta is a publicly traded a Canadian based international oil and gas corporation primarily engaged in exploration, development and production of oil and gas in Brazil, Northern Ireland and Canada. As a result of its current land holdings, BrazAlta is currently the largest Canadian independent onshore exploration corporation in Brazil. For additional information, please visit BrazAlta's website:

Brownstone Ventures Inc. is a well-financed Canadian-based, energy focused investment company with direct interests in oil and gas exploration projects, including working interests in almost 300,000 acres in the Piceance/Uinta Basins of Colorado and Utah, 295km2 in the Assam/Arakan Basin, Northeast India and 253,000 acres in Rio Negro, Argentina. For additional information, please see Brownstone's website:

W.Washington is BrazAlta's partner with respect to BrazAlta's Brazilian exploration and production operations in the Reconcavo, Sergipe and Tucano basins of Brazil.

This press release may contain statements within the meaning of safe harbour provisions as defined under US Laws and Regulations. The above statements are based on the current expectations and beliefs of management and are subject to a number of risks and uncertainties that may cause the actual results to differ materially from those described above. Neither BrazAlta nor Brownstone take nor undertake any responsibility with regard to the accuracy of this press release nor the obligation to update the abovementioned information.

This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation cannot assure that actual results will be consistent with these forward looking statements. They are made as of the date hereof and are subject to change and the Corporation assumes no obligation to revise or update them to reflect new circumstances, except as required by law. Prospective investors should not place undue reliance on forward looking statements. These factors include the inherent risks involved in the exploration for and development of crude oil and natural gas properties, the uncertainties involved in interpreting drilling results and other geological and geophysical data, fluctuating energy prices, the possibility of cost overruns or unanticipated costs or delays and other uncertainties associated with the oil and gas industry. Other risk factors could include risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities, and other factors, many of which are beyond the control of the Corporation. A barrel of oil equivalent (boe) is derived by converting gas to oil in the ratio of six thousand cubic feet of gas to oil and may be misleading, particularly if used in isolation. A boe conversion is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead, especially in various international jurisdictions.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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