Brownstone Ventures Inc.

Brownstone Ventures Inc.

March 03, 2009 16:22 ET

Brownstone Provides Piceance Operations Update

Gibson Gulch Resource Estimate Pegged at 209 Bcfe Laramie Finalizing Exploration Program for Rangely Project

TORONTO, ONTARIO--(Marketwire - March 3, 2009) - Brownstone Ventures Inc. (TSX VENTURE:BWN) ("Brownstone") is pleased to announce the following update provided by its joint venture partners:

Gibson Gulch

A preliminary resource evaluation from Norwest Corporation on Brownstone's 1,015 gross acres (812 net) in the Gibson Gulch prospect has recently been completed. The evaluation defines the likely distribution of oil and gas resource in this prospect. In conclusion Norwest estimates that gross Prospective Resources under Brownstone's acreage to range from a low estimate of 41 billion cubic feet equivalent (Bcfe) (32 Bcfe net) to a high estimate of 153 Bcfe (118 Bcfe net) with a most likely estimate of 81 (Bcfe) (65 Bcfe net). The low, most likely, and high estimates are identified as follows:

- There should be at least a 90% probability (P90) that the quantities actually recovered will equal or exceed the low estimate.

- There should be at least a 50% probability (P50) that the quantities recovered will equal or exceed the most likely estimate.

- There should be at least a 10% probability (P10) that the quantities recovered will equal or exceed the high estimate.


As noted in the November 17, 2008 press release, Brownstone and Dejour Enterprises Ltd. announced a joint venture agreement with Laramie Energy ll LLC, The joint venture agreement entails Laramie will have the right to earn 55% of the 22,000 gross acres (15,700 net acres) Rangely prospect by completing at least four commercially productive wells.

This project is proceeding on schedule. The final drilling locations have been chosen and are currently applying for permits. Drilling is expected in Q3/09.

Harrison Blacker, MS Eng., of Dejour Enterprises Ltd. is the qualified person for this report.

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 and gas 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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