Brownstone Ventures Inc.
TSX VENTURE : BWN

Brownstone Ventures Inc.

December 14, 2010 15:51 ET

Brownstone and Partner Announce Commencement of 3D Geophysical Survey Offshore Israel

TORONTO, ONTARIO--(Marketwire - Dec. 14, 2010) - Brownstone Ventures Inc. (TSX VENTURE:BWN) ("Brownstone" or the "Company") is pleased to announce that it has been advised by the operator, Adira Energy Ltd. ("Adira") that they have commenced 3D geophysical survey operations on the Gabriella and Yitzhak licenses offshore Israel.

Brownstone has been advised that WesternGeco, a Schlumberger company, has been contracted to complete a state of the art geophysical survey on the Yitzhak and Gabriella licenses directly offshore of central Israel on a 630 square kilometre 3D survey. The focus is specifically on oil targets in this region, where Brownstone and Adira have three contiguous blocks that run the length of central Israel including Gabriella, Yitzhak and Samuel. Brownstone has been advised that the current dual axis survey, a technology never used before in Israeli waters, is designed to define the exact target and structure; two independent 3D surveys will overlay each other at opposing axes. 

Brownstone has been advised that Adira has already completed 60% of the first axis and intends to complete the Gabriella and Yitzhak programs in early January and plans to commence a 300 square kilometer 3D survey on the Samuel license within the first half of 2011.

Brownstone has interests in three contiguous blocks that run the length of central Israel including Gabriella (Brownstone – 15% interest), Yitzhak (Brownstone – 15% interest) and Samuel (Brownstone – 6.75% interest).

About WesternGeco

WesternGeco, a business segment of Schlumberger, is the world's leading geophysical services company, providing comprehensive worldwide reservoir imaging, monitoring, and development services, with the most extensive geophysical survey crews and data processing centers in the industry, as well as the world's largest multi-client data library. Services range from 3D and 4D (time-lapse) seismic surveys to multi-component and electromagnetic surveys, supplying our clients with accurate measurements of subsurface geology.

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; 253,000 acres in Rio Negro, Argentina; interests in several projects in Brazil; a 50% interest in approximately 300,000 hectares in the Quėbec Lowlands; a 15% participating interest in several off-shore Israel oil and gas blocks; and is earning interests (14-35%) in 4 Colombian blocks in the Llanos basin. For additional information, please see Brownstone's website: www.brownstoneventures.com.

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, 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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