Brownstone Ventures Inc.
TSX VENTURE : BWN

Brownstone Ventures Inc.

December 07, 2006 10:43 ET

Brownstone Provides Indian Update

TORONTO, ONTARIO--(CCNMatthews - Dec. 7, 2006) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Brownstone Ventures Inc. ("Brownstone")(TSX VENTURE:BWN) is pleased announce that it has received final approval from the Directorate General of Hydrocarbons ("DGH") of India to acquire the 15% participating interest in AA-ONN-2003/2 (the "Block") from Canoro Resources Ltd. ("Canoro")(TSX VENTURE:CNS) who will retain a 15% participating interest in the block, as previously announced (see press releases dated April 3, and July 31, 2006).

The consortium partners in the Block are: Brownstone (15%); Canoro (15%); National Thermal Power Corporation (40%); and Geopetrol International Inc. (30%) ("Geopetrol"). Geopetrol is the operator on the Block.

About the AA-ONN-2003/2 Exploration Block

The AA-ONN-2003/2 onshore exploration block was awarded to the consortium in October 2005 pursuant to the New Exploration Licensing Policy, Fifth round (NELP V). Located in Arunachal Pradesh, northeast India, the 295 km2 block is 2.5 km from the producing Kharsang oil field, which Geopetrol jointly operates, and is approximately 150 km northeast of Canoro's exploration and development blocks in Assam. No wells have been drilled on the block and there is limited seismic coverage over the area. The block has an initial seven-year exploratory period, broken into three work phases (including seismic and drilling commitments), followed by a 20-year production term for any commercial discoveries.

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

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
    Website: www.brownstoneventures.com