Brownstone Ventures Inc.

Brownstone Ventures Inc.

June 24, 2008 08:00 ET

Brownstone Joint Ventures Paradox Basin Oil and Gas Leases With MDU Resources

TORONTO, ONTARIO--(Marketwire - June 24, 2008) - Brownstone Ventures Inc. (TSX VENTURE:BWN) ("Brownstone") and its joint venture partner, Dejour Enterprises Ltd. (TSX:DEJ)(AMEX:DEJ) ("Dejour") announced today they have signed a joint operating agreement with Fidelity Exploration & Production Company covering 14,000 acres of long term, highly prospective oil and gas leases in the Northern Paradox Basin located in South-eastern Utah. Fidelity, a subsidiary of MDU Resources Group Inc., (NYSE:MDU), operates over 3,400 wells in North America. Its parent company reported annual revenues of over USD $4 billion in 2007 according to its latest annual report.

Industry awareness of the Paradox Basin has been developing since Delta Petroleum announced in December 2007 its Greentown project discovery, resulting in the development of a new pipeline and other infrastructure in this area.

Stated Sheldon Inwentash, CEO of Brownstone, "this is an exciting development that fits the Brownstone and Dejour joint venture model of bringing in qualified and experienced operators to assist in the development of these valuable Rocky Mountain assets. We look forward to working with this reputable team."

Brownstone holds a 10% working interest in the prospect.

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, 253,000 acres in Rio Negro, Argentina and interests in several projects in Brazil. 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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