Brownstone Energy Inc.
TSX VENTURE : BWN
OTCQX : BWSOF

Brownstone Energy Inc.

September 29, 2014 08:53 ET

Brownstone Announces Expiration of the Gabriella License, Offshore Israel

TORONTO, ONTARIO--(Marketwired - Sept. 29, 2014) - Brownstone Energy Inc. (TSX VENTURE:BWN)(OTCQX:BWSOF) (the "Company" or "Brownstone") announces that it has been informed by its joint venture partners on the Gabriella License that the Petroleum Commissioner in the Ministry of National Infrastructure, Energy and Water of the State of Israel (the "Ministry") provided notice that the Gabriella License has expired, without a further extension being granted, due to the milestones in the work program not being achieved. Brownstone had a 15% interest in the license.

Notice was also provided by the Ministry that the Yam Hadera License, in which Brownstone has an option to acquire a 10% interest, has expired for the same reasons.

The joint venture partners are evaluating the options available to them, including the filing of an appeal of the Ministry's decisions not to extend the licenses.

About Brownstone

Brownstone Energy Inc. is a Canadian-based, energy focused company with direct interests in oil and gas exploration projects, including varying interests in one off-shore Israel concession as well as other oil and gas interests worldwide. By owning and managing a diversified portfolio of energy-based projects, Brownstone provides shareholders with a unique energy alternative. For additional information, please see Brownstone's website: www.brownstoneenergy.com.

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