Brownstone Ventures Inc.

Brownstone Ventures Inc.

February 02, 2010 11:01 ET

Brownstone and Operator Set 2010 USA Property Priorities

TORONTO, ONTARIO--(Marketwire - Feb. 2, 2010) - Brownstone Ventures Inc. (TSX VENTURE:BWN)("Brownstone") and its joint venture partner Dejour Enterprises Ltd. (TSX:DEJ)(NYSE Amex:DEJ)("Dejour") have approved the 2010 operating plan their USA property interests, which concentrate on low risk well defined development opportunities on its properties located primarily in the natural gas prone Piceance Basin.

"Market conditions have appreciated noticeably in the Piceance Basin with improving natural gas prices and new pipeline infrastructure that has all but eliminated the price differential between Rockies gas production and US Gulf Coast gas production", states Hal Blacker, President & COO of Dejour, the operator of the joint venture. "Our goal for the US operations in 2010 is to establish production from two of our project areas while completing important pre-development activities that will position our largest and most profitable project, Gibson Gulch, for startup of Phase 1 development".

Gibson Gulch

Located in the heart of a key producing area of the Piceance Basin, Brownstone has a 28% working interest in 2,200 acres. This acreage appears to be in one of the best locations in the basin for both Williams Fork and Mancos gas and condensate production. Williams Co. (NYSE:WMB) purchased bordering acreage for $30,000+ per acre in late 2009, has moved in 4 rigs and commenced a 150 well program between and around Brownstone's acreage. With up to 30 wells planned for drilling in early 2011, the joint venture is currently discussing development and marketing plans with various regulatory agencies and Piceance area transportation and processing companies. Work has begun with an independent reservoir engineering firm to account for the impact of recent developments in the area which most likely have significantly increased the proved reserves and values located within Brownstone's Phase 1 development area.

Roan Creek

Brownstone's other near term gas development opportunity, its Roan Creek property (28% working interest in 1,440 acres), is located adjacent to major vehicular and gas transmission routes at the west base of the Roan Plateau. The tract is prospective for low risk Williams Fork gas production (over 250 Williams Fork completions on adjacent acreage) and is located in an area of increased interest for development of gas in the deeper Mancos Shale. Brownstone has been advised by Dejour, that Dejour expects approval of the drilling permits for a test well through the Williams Fork and into the Mancos in the summer of 2010. Dejour and Brownstone are also reviewing funding and partnering opportunities that would allow testing this prospect without affecting progress or funding for Gibson Gulch.

South Rangely

Brownstone has 28% working interest in 7,100 acres, due south of the Rangely oil field, and located along a trend of oil and gas developments within the Mancos Shale. The joint venture is monitoring the results of at least 17 successful oil wells and the progress of the first horizontal well to be drilled in an ongoing development of the Mancos Shale just to the southwest of the Brownstone/Dejour lands. Plans include finalizing permits for the drilling of two oil wells beginning in Q3 of 2010.

Other Western Colorado/ Utah Acreages

Brownstone further reports that Dejour geologists continue to evaluate the prospectivity of several other projects encompassing over 100,000 acres of additional landholdings, including acreage operated by Fidelity Exploration and Production in the Greentown area of the Paradox basin.

"Brownstone and Dejour anticipate significant advancement on key projects in the US this year," stated Sheldon Inwentash, Chairman and President of Brownstone. "We anticipate that our Gibson Gulch project will emerge as a high value, blue chip development project. We acknowledge the efforts of our operator, Dejour, and the team under Hal Blacker, which is focused on maximizing production expansion and growth of Brownstone and Dejour's prime US Rocky Mountain properties".

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:

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 and Dejour, 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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