Brownstone Ventures Inc.
TSX VENTURE : BWN

Brownstone Ventures Inc.

August 29, 2007 13:20 ET

Brownstone and Joint Venture Partners Announce Natural Gas Discovery

TORONTO, ONTARIO--(Marketwire - Aug. 29, 2007) - Brownstone Ventures Inc. (TSX VENTURE:BWN) ("Brownstone") announces that its joint venture partners, Dejour Enterprises Ltd. (TSX VENTURE:DEJ)(AMEX:DEJ) and Retamco Operating Ltd., have advised that the North Barcus Creek #1-12 well has been successfully drilled to a total depth of 11,500 feet. The H & P Rig #159 commenced drill operations on August 16th and over the past 2 weeks encountered encouraging gas shows. Mud logs indicate both conventional gas sands above 7,800' and targeted basin centered reservoirs of the Mesa Verde group sands to total depth. Logging is underway and when completed Retamco Operating Ltd. (the "Operator") has elected to set casing following which the rig will relocate to the nearby North Barcus Creek #2-12 well to be deepened to a projected total depth of 11,425'.

Project partners (Brownstone has a 10% participating interest) have contracted Haliburton Energy Services to commence completion and testing of the #1-12 well shortly. The Operator reports that multiple indicated natural gas bearing zones located in the Williams Fork and Isles sections of the Mesa Verde group sands, are very similar to wells drilled and successfully completed on adjacent Exxon lands by Williams Cos. Haliburton is one of the most technically advanced completion experts in this deep basin centred area of Rio Blanco County, north central Piceance Basin, having recently advised Williams Cos. on the completion of its new wells offsetting the joint venture partners' North Barcus Creek acreage. Completion results will be forthcoming. Logging and completion results will be forthcoming.

These Barcus Creek wells are the first wells to be drilled by the joint venture partners on their almost 300,000 acres of land holdings in the Piceance - Uinta Basins respectively of Western Colorado and Eastern Utah, acquired since July, 2006. The North Barcus Creek prospect is one of 3 separate land holdings totalling over 5,000 acres within the promising 'Rio Blanco Deep' project area.

Brownstone and its joint venture partners initially plan to drill a total of 4 wells at North Barcus Creek. It is expected that these lands will be fully developed on 40 acre spacing units. Accessible pipeline facilities lay within one mile of the lease boundaries.

About Brownstone

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: www.brownstoneventures.com.

Statements in this release that are forward-looking statements, including those in respect of the drilling program for the North Barcus Creek wells, are subject to various risks and uncertainties including the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Corporations' periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The corporation does not assume the obligation to update any forward-looking statement, except as required by law.

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

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