Brownstone Ventures Inc.
TSX VENTURE : BWN

Brownstone Ventures Inc.

January 22, 2008 10:58 ET

Brownstone Updates Piceance Project

TORONTO, ONTARIO--(Marketwire - Jan. 22, 2008) - Brownstone Ventures Inc. (TSX VENTURE:BWN) ("Brownstone") reports that it has been advised by its joint venture partners, that Brownstone's 10% owned North Barcus Creek wells (#1-12 and #2-12) are still returning frac fluid, natural gas and gas condensate through production tubing with increasing pressures. With 25-35% of frac fluids remaining to be retrieved, the NBC #1-12 well is currently shut in pending pressure build up. The NBC #2-12 well, however, has production tested over 800mcf gas and 25-50 barrels of gas condensate per day from a 24 hour test. Reservoir pressure bombs have now been installed. Testing will continue as the wells clean out and pressure equalize. Over 800 barrels of gas condensate (a very high gravity light oil), extracted from these wells is being processed for trucking to local sales points.

The joint venture partners are encouraged by the strengthening trend of these daily results, despite a very harsh seasonal operating environment. Brownstone expects to have its engineers determine initial proven reserves at North Barcus Creek following completion of testing, during the first quarter of 2008.

About Brownstone

Brownstone Ventures Inc. is a well-financed Canadian-based, energy focused investment company with 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: www.brownstoneventures.com.

Statements in this release that are forward-looking statements, including those in respect of the drilling program for the North Barcus Creek wells, are subject to various risks and uncertainties including 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, except as required by law.

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

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