Brownstone Ventures Inc.

Brownstone Ventures Inc.

June 18, 2008 08:00 ET

Brownstone Increases Piceance/Uinta Interests

TORONTO, ONTARIO--(Marketwire - June 18, 2008) - Brownstone Ventures Inc. (TSX VENTURE:BWN) ("Brownstone") and its joint venture partner, Dejour Enterprises Ltd. (TSX:DEJ)(AMEX:DEJ) ("Dejour") are pleased to announce that they have completed a transaction with Retamco Operating Inc. ("Retamco") establishing new ownership interests over a large portion of their acreage in the Piceance/Uinta Basins of Colorado and Utah. Upon completion of the transaction, Brownstone and Dejour will acquire an additional approximately 90,000 net acres within the most active exploration and production basins in Colorado and Utah from the privately held Retamco.

Upon completion, Brownstone will hold approximately 50,000 net acres (17% of 289,000 gross acres) of leasehold property in Colorado and Utah, and along with Dejour, Brownstone will control 100% of approximately 125,000 net acres (Brownstone 28% and Dejour 72%). The joint venture partners' interests remain unchanged, being Brownstone at 10%, Dejour at 25% and Retamco at 65% working interests in the 164,000 acres not being acquired in this transaction.

Colorado ranks 6th and Utah ranks 9th among the leading American states producing natural gas (2006 Utah Geological Survey).

The additional acreage was acquired in exchange for Brownstone's 10% working interest in approximately 3,500 acres and two wells at North Barcus Creek, a cash payment of $1.4 million, and other valuable consideration, including the acquisition by Retamco of Dejour's interests in the North Barcus Creek acreage and wells and a cash payment by Dejour. The North Barcus Creek wells were drilled on joint acreage by Retamco at the end of 2007 and are awaiting production tie-in. As part of the transaction, Brownstone provided Dejour with a $4 million secured loan, due in 12 months, which was used by Dejour to purchase its additional acreage interests.

This transaction completes an important step in Brownstone and Dejour's strategy to develop a major operating presence in several of the most promising producing basins in the Rocky Mountain Region. Over the next two years, Brownstone and Dejour plan to drill and complete at least 10 exploration wells on the newly acquired acreage in the Piceance Basin and then, based on the exploration results, move directly into full resource development.

"This transaction affords Brownstone and Dejour the operational control to better manage our future in the Rocky Mountain oil and gas resource space over the next several years," stated Sheldon Inwentash, Brownstone's CEO. "Strategically, Brownstone and Dejour's interests and ambition in the Piceance/Uinta are well aligned and now we are able to drive the selection of operator and the development programs more proactively."

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 and 253,000 acres in Rio Negro, Argentina. For additional information, please see Brownstone's website:

Statements Regarding Forward-Looking Information: Some statements contained in this news release are forward-looking statements and investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially, including comments regarding the expectation that the offering will be completed consistent with the terms outlined above and use of proceeds from this transaction. Actual results may differ materially from those presented. Factors that could cause results to differ materially include fluctuations in oil, gas and uranium prices, changes in U.S. and Canadian securities markets and failure to receive regulatory approvals. Brownstone assumes no obligation to update this information. There can be no assurance that future developments affecting the Company will be those anticipated by management.

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

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