Brownstone Ventures Inc.
TSX VENTURE : BWN

Brownstone Ventures Inc.

June 18, 2008 17:17 ET

Brownstone Ventures Inc. Acquires Securities of Mooncor Oil & Gas Corp.

TORONTO, ONTARIO--(Marketwire - June 18, 2008) - Brownstone Ventures Inc. (TSX VENTURE:BWN), announces that on June 13, 2008, it acquired ownership of 5,000,000 common shares ("Common Shares") of Mooncor Oil & Gas Corp. ("Mooncor") and 2,500,000 common share purchase warrants (the "Warrants"). Each Warrant entitles the holder thereof to acquire one additional common share until June 13, 2010, at a price of $0.30.

In the event that the Warrants are fully exercised, these holdings represent approximately 9.9% of the total issued and outstanding common shares of Mooncor as of June 13, 2008, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Brownstone and its joint actors held, as at June 13, 2008, an aggregate of 11,187,500 common shares of Mooncor, including the Common Shares, and the Warrants. Of these totals, Brownstone directly holds 8,500,000 common shares and the Warrants directly. If Brownstone and its joint actors were to exercise all of the Warrants, their combined ownership would represent a total of 13,687,500 common shares of Mooncor or approximately 18.2% of such shares outstanding as of June 13, 2008, calculated on a partially diluted basis assuming the exercise of the Warrants only. If Brownstone were to exercise all of the Warrants, its direct ownership would represent a total of 11,000,000 common shares of Mooncor, or approximately 14.6% of such shares outstanding as of June 13, 2008, calculated on a partially diluted basis assuming the exercise of the Warrants only.

These transactions were made for investment purposes and Brownstone and or its joint actors could increase or decrease its investment in Mooncor depending on market conditions or any other relevant factor.

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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