Brownstone Ventures Inc.
TSX VENTURE : BWN

Brownstone Ventures Inc.

April 24, 2008 09:41 ET

Brownstone Ventures Inc. Acquires Securities of PanWestern Energy Inc.

TORONTO, ONTARIO--(Marketwire - April 24, 2008) - Brownstone Ventures Inc. (TSX VENTURE:BWN), announces that on April 21, 2008, it acquired ownership of 3,000,000 common shares ("Common Shares") of PanWestern Energy Inc. ("PanWestern") and 3,000,000 common share purchase warrants (the "Warrants"). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.75 until April 21, 2009 and $1.00 until April 21, 2010. In the event that the Warrants are fully exercised, these holdings represent approximately 12.1% of the total issued and outstanding common shares of PanWestern as of April 21, 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 collectively held, as at April 21, 2008, an aggregate of 3,500,000 common shares of PanWestern and rights to acquire an additional 3,500,000 common shares of PanWestern upon the exercise of convertible securities (collectively, the "Convertible Securities"). Of these totals, Brownstone owns only the Common Shares and the Warrants directly. In the event that the Convertible Securities are fully exercised, the aggregate holdings of Brownstone and its joint actors represents a total of 7,000,000 common shares of PanWestern, or approximately 14.0% of all issued and outstanding common shares as at April 21, 2008, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.

These transactions were made for investment purposes and Brownstone and or its joint actors could increase or decrease its investment in PanWestern 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.

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