Brownstone Ventures Inc.
TSX VENTURE : BWN

Brownstone Ventures Inc.

November 17, 2008 08:00 ET

Brownstone Joint Ventures With Laramie Energy LLC in Piceance Basin

TORONTO, ONTARIO--(Marketwire - Nov. 17, 2008) - Brownstone Ventures Inc. (TSX VENTURE:BWN)("Brownstone") and its joint venture partner, Dejour Enterprises Ltd. (AMEX:DEJ)(TSX:DEJ) ("Dejour") announced today they have signed a joint venture agreement with Laramie Energy II LLC, a privately funded Exploration and Production Company with corporate offices in Denver Colorado. The joint venture involves approximately 22,000 gross acres (6,300 net to Brownstone) in an area at the northwest edge of the Piceance Basin. Under the terms of the agreement Laramie will begin a continuous drilling program in the second half of 2009 and will have the right to earn up to 55% of the acreage covered under the agreement by completing at least four commercially productive wells.

This agreement allows Brownstone and Dejour to fast track the exploration and development of this important lease holding under the guidance of an exceptional E&P company with a demonstrated history of success in the Rocky Mountains, while at the same time allowing Brownstone and Dejour to focus internal resources on preparations for the drilling next year of multiple wells to the Williams Fork formation at Gibson Gulch and Roan Creek, and to continue to work on other potential joint ventures with operators in the area.

The agreement with Laramie Energy II LLC is a result of the business strategy that was implemented earlier this year to divide the Brownstone/Dejour acreage position into focus, or business, areas and to move forward on multiple fronts over the next several years. Through Dejour, as operator, Brownstone and Dejour continue to vigorously pursue this strategy and have discussions underway with a number of other operators in the area.

This is the second joint venture agreement entered into by Brownstone and Dejour this year. The first being the agreement announced June 24, 2008, among Brownstone, Dejour and Fidelity Exploration & Production Company covering 14,000 acres of long term, highly prospective oil and gas leases in the Northern Paradox Basin located in South-eastern Utah.

"This latest agreement demonstrates the quality and value of our land package in Utah and Colorado and we look forward to completing more agreements of this type, bringing in quality partners to fund and explore this exciting basin," said Sheldon Inwentash, CEO of Brownstone.

About Brownstone

Brownstone Ventures Inc. is a well-financed Canadian-based, energy focused investment company with equity interests and 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, 253,000 acres in Rio Negro, Argentina and interests in several projects in Brazil. For additional information, please see Brownstone's website: www.brownstoneventures.com.

Statements Regarding Forward-Looking Information: Some statements contained in this news release are forward-looking statements and investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially, including comments regarding the expectation that the offering will be completed consistent with the terms outlined above and use of proceeds from this transaction. Actual results may differ materially from those presented. Factors that could cause results to differ materially include fluctuations in oil and gas prices, changes in U.S. and Canadian securities markets and failure to receive regulatory approvals. Brownstone assumes no obligation to update this information. There can be no assurance that future developments affecting the Company will be those anticipated by management.

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

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