Brownstone Ventures Inc.
TSX VENTURE : BWN

Brownstone Ventures Inc.

September 28, 2010 16:45 ET

Brownstone Ventures Inc. Releases Audited Results for the Year Ended June 30, 2010

TORONTO, ONTARIO--(Marketwire - Sept. 28, 2010) - Brownstone Ventures Inc. (TSX VENTURE:BWN) today announces its audited results for the year ended June 30, 2010.

As at June 30, 2010, the Company had cash and cash equivalents of $1.8 million as compared to $2.3 million as at June 30, 2009. Investments at fair value totaled $17.2 million at June 30, 2010 as compared to $19.3 million at June 30, 2009. Also at June 30, 2010, oil & gas properties and related expenditures totaled $36.1 million as compared to $38.1 million as at June 30, 2009.

Financial Highlights for the year ending June 30, 2010 with comparatives:   
     
Operating Results Year ended June 30,  
  2010   2009  
Realized gains (losses) on disposal of investments, net $ 647,190   $ (4,260,924 )
Unrealized gains (losses) on investments, net   3,949,027     (39,306,574 )
Net investment gains (losses)   4,596,217     (43,567,498 )
Total expenses   25,711,195     4,063,614  
Net loss for the year   (22,069,004 )   (36,010,843 )
Basic and diluted loss per common share   (0.31 )   (0.68 )
   
  As at June 30,
Balance Sheet Highlights 2010   2009
Cash and cash equivalents $ 1,832,230   $ 2,287,775
Investments, at fair value   17,174,119     19,343,660
Oil & gas properties and related expenditures   36,167,168     38,145,216
Total assets   63,961,793     70,638,276
Total liabilities   2,113,363     366,846
Share capital, warrants and contributed surplus   82,054,281     68,408,277
Retained earnings (deficit)   (20,205,851 )   1,863,153
Working Capital   20,394,295     26,708,011

During the year ended June 30, 2010, the Company spent cash of $16,134,757 on oil & gas properties and related expenditures and wrote-off $8,694,889 relating to its India and Brazilian properties and wrote-down its Argentinean properties by $11,805,916. 

Brownstone is currently participating in eight oil and gas exploration projects based in the United States (Colorado/Utah and Oregon), Colombia, Israel, Argentina, Brazil, and Canada.

About Brownstone 

Brownstone Ventures Inc. is a 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; 253,000 acres in Rio Negro, Argentina; interests in several projects in Brazil; a 50% interest in approximately 300,000 hectares in the Quėbec Lowlands; a 15% participating interest in several off-shore Israel oil and gas blocks; and is earning interests (14-35%) in 4 Colombian blocks in the Llanos basin. For additional information, please see Brownstone's website: www.brownstoneventures.com.

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

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