Brownstone Ventures Inc.

Brownstone Ventures Inc.

April 30, 2007 08:00 ET

Brownstone Announces Drilling Permit Approval

TORONTO, ONTARIO--(CCNMatthews - April 30, 2007) - Brownstone Ventures Inc. (TSX VENTURE:BWN), is pleased to announce that it has received Approved Permits to Drill (APD's) from the Meeker Bureau of Land Management office in Colorado, for the initial two locations for the Barcus Creek prospect. This prospect is located in the company's Rio Blanco Deep Project Area, North Barcus Cr. 1-12 and 2-12. Final approvals from the Colorado State office are now expected within the next two weeks. Two additional approved APD's for additional locations at Barcus Creek are expected shortly.

Brownstone expects drill pads at four (4) separate drilling locations to be constructed on the Barcus Creek leases, with each location prepared to ultimately drill up to six (6) individual wells. Drilling operations are planned to commence prior to the end of June 2007, subject to final rig contract. The primary drill target is the lower 2000' of the Mesa Verde Group sandstones, the most prolific producing natural gas reservoir in this Basin. Currently drill permits will allow for 40 acre spacing units on this prospect.

Brownstone currently holds a 10% working interest in the 1590 acre Barcus Creek prospect, and over 12,000 acres in the Rio Blanco Deep project area. This is part of almost 290,000 gross acres of oil & gas leases held by Brownstone in the Piceance/Uinta Basins of Western Colorado and Eastern Utah. Dejour Enterprises Ltd. (TSX VENTURE:DJE) also holds a 25% working interest in this prospect and the Retamco joint venture.

The Rio Blanco Deep project area of the Piceance Basin has become the focus of concentrated drilling activity in the past 12 months:

- Williams Co. has recently drilled two wells offsetting the Company's Barcus Creek leases on leases held by Exxon to depths approximating 11,500 feet, and now has drilling operations proceeding on two more locations.

- Bass Operating has completed 3 wells into pipe and is currently drilling a fourth well on locations to the southeast.

- Conoco-Phillips is also active in this area with two drill rigs drilling full time on lands purchased by Encana, which approximate 200,000 acres in this project area.

This is the initial phase of an extended exploitation program planned by Brownstone and its partners for the Piceance/Uinta properties.

About Brownstone - Brownstone Ventures Inc. ("Brownstone") is a Canadian-based, energy focused investment company with equity investments in uranium and oil & gas, as well as direct interests in oil and gas exploration projects. For additional information, please see Brownstone's website:

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning 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.

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

Contact Information

  • Brownstone Ventures Inc.
    Richard Patricio
    Vice-President Corporate and Legal Affairs
    (416) 941-8900