Brownstone Ventures Inc.
TSX VENTURE : BWN

Brownstone Ventures Inc.

September 30, 2009 11:29 ET

Brownstone Ventures Inc. Releases Audited Results for the Year Ended June 30, 2009

TORONTO, ONTARIO--(Marketwire - Sept. 30, 2009) - Brownstone Ventures Inc. (TSX VENTURE:BWN)("BWN") today announced its audited results for the year ended June 30, 2009.

As at June 30, 2009, the Company had cash and cash equivalents and investments in bonds of $6.2 million as compared to $10.8 million as at June 30, 2008. Investments at fair value, excluding investments in bonds, totaled $15.4 million at June 30, 2009 as compared to $57.4 million at June 30, 2008. Also at June 30, 2009, oil & gas properties and related expenditures totaled $38.1 million as compared to $30.6 million as at June 30, 2008.



Financial Highlights for the year ending June 30, 2009 with comparatives:

----------------------------------------------------------------------------
----------------------------------------------------------------------------

Operating Results Year ended
June 30,
---------------------------
2009 2008
----------------------------------------------------------------------------
Realized gains (losses) on disposal of
investments, net $ (4,260,924) $ 8,995,802
Unrealized gains (losses) on investments,
net (39,306,574) 19,898,559
Net investment gains (losses) (43,567,498) 28,894,361
Total expenses 4,063,614 3,954,399
----------------------------------------------------------------------------
Net income (loss) for the year (36,010,843) 22,328,967
----------------------------------------------------------------------------
Basic earnings (loss) per common share (0.68) 0.44
----------------------------------------------------------------------------
Diluted earnings (loss) per common share (0.68) 0.44
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
As at June 30,
---------------------------
Balance Sheet Highlights 2009 2008
----------------------------------------------------------------------------
Cash and cash equivalents $ 2,287,775 $ 10,809,467
Investments, at fair value 19,343,660 57,387,545
Oil & gas properties and related
expenditures 38,145,216 30,612,602
Total assets 70,638,276 104,414,508
Total liabilities 366,846 5,951,833
Share capital, warrants and contributed
surplus 68,408,277 60,588,679
Retained earnings 1,863,153 37,873,996
Working Capital 26,708,011 69,977,654
----------------------------------------------------------------------------
----------------------------------------------------------------------------


The Company has spent cash of approximately $4.8 million on oil & gas properties and related expenditures during the year ended June 30, 2009. As at June 30, 2009, oil & gas properties and related expenditures totaled $38,145,216 as compared to $30,612,602 at June 30, 2008.

Brownstone is currently participating in six oil and gas exploration projects based in the United States (Colorado/Utah and Oregon), Argentina, Brazil, Canada and India.

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 and a 50% interest in approximately 160,000 hectares in the Quebec Lowlands. For additional information, please see Brownstone's website: www.brownstoneventures.com.

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

Contact Information