Brownstone Ventures Inc.
TSX VENTURE : BWN

Brownstone Ventures Inc.

November 21, 2008 09:00 ET

Brownstone Ventures Inc. Releases Unaudited Results for the Three Months Ended September 30, 2008

TORONTO, ONTARIO--(Marketwire - Nov. 21, 2008) - Brownstone Ventures Inc. (TSX VENTURE:BWN) today announced its unaudited results for the three months ended September 30, 2008.

As at September 30, 2008, the Company had cash and cash equivalents of $6.7 million as compared to $10.8 million as at June 30, 2008. Investments at fair value totaled $25.0 million at September 30, 2008 as compared to $57.4 million at June 30, 2008. Also at September 30, 2008, oil & gas properties and related expenditures totaled $34.1 million as compared to $30.6 million as at June 30, 2008.



Financial Highlights for the three months ending September 30, 2008 with
comparatives:

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Operating Results Three months ended
(unaudited) September 30,
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2008 2007
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Realized gains on disposal
of investments, net $ 1,444,737 $ -
Unrealized gains (losses)
on investments, net (33,114,939) 971,400
Net investment gains (losses) (31,670,202) 971,400
Total expenses 732,248 1,055,334
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Net income (loss) for the period (27,046,166) 1,028,891
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Basic earnings (loss) per common share (0.54) 0.02
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Diluted earnings (loss) per common share (0.54) 0.02
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Balance Sheet Highlights
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(Unaudited) September 30, 2008 June 30, 2008
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Cash and cash equivalents $ 6,759,001 $ 10,809,467
Investments, at fair value 24,995,453 57,387,545
Oil & gas properties and
related expenditures 34,153,189 30,612,602
Total assets 73,472,349 104,414,508
Total liabilities 1,719,623 5,951,833
Share capital, warrants and
contributed surplus 60,924,896 60,588,679
Retained earnings 10,827,830 37,873,996
Working Capital 34,394,391 69,977,654
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The Company has spent approximately $3.5 million on oil & gas properties and related expenditures during the three months ended September 30, 2008. As at September 30, 2008, oil & gas properties and related expenditures totaled $34,153,189 as compared to $30,612,602 at June 30, 2008.

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

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.

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

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