Brownstone Ventures Inc.
TSX VENTURE : BWN

Brownstone Ventures Inc.

December 21, 2009 10:44 ET

Brownstone Ventures Inc.: Argentina Drilling Update

TORONTO, CANADA--(Marketwire - Dec. 21, 2009) - Brownstone Ventures Inc. (TSX VENTURE:BWN) ("Brownstone") has been advised by the operator, Petrolifera Petroleum Limited (TSX:PDP) ("Petrolifera"), that they have recently drilled, logged and cased for testing the VM.x-2014 exploratory well on the Vaca Mahuida license, situated southeast of Puesto Morales. The well encountered a number of zones of interest, including some oil shows in side wall cores and testing will occur upon arrival of a service rig.

The 253,000 acre (approximately 1,025 square kilometers) Vaca Mahuida Block is in the province of Rio Negro, Argentina, where Brownstone is incurring 50% of the costs of the Vaca Mahuida project to earn a 25% working interest.

About Brownstone - Brownstone Ventures Inc. is a 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; interests in several projects in Brazil; a 50% interest in approximately 160,000 hectares in the Quebec Lowlands; a 15% participating interest in two off-shore Israel oil and gas blocks; and is earning interests (14-35%) in 3 Colombian blocks in the Llanos basin. For additional information, please see Brownstone's website: www.brownstoneventures.com

Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Brownstone, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with oil and gas activities, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Neither 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.

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