Brownstone Ventures Inc.
TSX VENTURE : BWN

Brownstone Ventures Inc.

November 25, 2010 16:00 ET

Brownstone Ventures Inc. Releases Unaudited Results for the Three Months Ended September 30, 2010

TORONTO, ONTARIO--(Marketwire - Nov. 25, 2010) - Brownstone Ventures Inc. (TSX VENTURE:BWN) today announces its unaudited results for the three months ended September 30, 2010.

As at September 30, 2010, the Company had cash and cash equivalents of $458,279 as compared to $1.8 million as at September 30, 2010. Investments at fair value totaled $12.3 million at September 30, 2010 as compared to $17.2 million at June 30, 2010. Also at September 30, 2010, oil & gas properties and related expenditures totaled $37.7 million as compared to $36.2 million as at June 30, 2010.

Financial Highlights for the three months ending September 30, 2010 with comparatives:

Operating Results Three months ended September 30,
  2010   2009
Realized gains (losses) on disposal of investments, net $ (1,003,846 ) $ 77,556
Unrealized gains on investments, net   1,063,164     3,687,641
Net investment gains   59,318     3,765,197
Total expenses   868,337     4,148,461
Net loss for the period   462,323     648,126
Basic and diluted loss per common share   0.01     0.01
 
Balance Sheet Highlights    
September 30, 2010   June 30, 2010  
Cash and cash equivalents $ 458,279   $ 1,832,230  
Investments, at fair value   12,300,646     17,174,119  
Oil & gas properties and related expenditures   37,749,014     36,167,168  
Total assets   61,720,480     63,961,793  
Total liabilities   134,584     2,113,363  
Share capital, warrants and contributed surplus   82,254,070     82,054,281  
Deficit   (20,668,174 )   (20,205,851 )
Working Capital   16,464,664     20,394,295  

During the three months ended September 30, 2010, the Company spent cash of $1,581,846 on oil & gas properties and related expenditures. 

Subsequent to September 30, 2010, the Company announced an oil discovery in the Lower Mirador formation at the well Canaguay-1 on its Canaguaro block in Colombia. Brownstone is earning a 25% working interest in the Canaguaro block. See the Company's press release dated November 22, 2010 for further details.

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

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 earning interests (14-35%) in 4 Colombian blocks in the Llanos basin; a 15% participating interest in several off-shore Israel oil and gas blocks; a working interest 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 and a 50% interest in approximately 300,000 hectares in the Québec lowlands. 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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