Brownstone Ventures Inc.
TSX VENTURE : BWN

Brownstone Ventures Inc.

May 25, 2009 16:15 ET

Brownstone Ventures Inc. Releases Unaudited Results for the Three and Nine Months Ended March 31, 2009

TORONTO, ONTARIO--(Marketwire - May 25, 2009) - Brownstone Ventures Inc. (TSX VENTURE:BWN) today announces its unaudited results for the three and nine months ended March 31, 2009.

As at March 31, 2009, the Company had cash and cash equivalents of $1.3 million as compared to $10.8 million as at June 30, 2008. Investments at fair value totaled $11.4 million at March 31, 2009 as compared to $57.4 million at June 30, 2008. Also at March 31, 2009, oil & gas properties and related expenditures totaled $37.4 million as compared to $30.6 million as at June 30, 2008.

Financial Highlights for the three and nine months ending March 31, 2009 with comparatives:



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Operating Results Three months ended Nine months ended
(unaudited) March 31, March 31,
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2009 2008 2009 2008
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Realized gains (losses)
on disposal of
investments, net $ (120,719) $ 385,709 $ 1,336,352 $ 1,649,650
Unrealized gains (losses)
on investments, net (1,801,617) 4,633,803 (47,286,949) 4,354,631
Net investment
gains (losses) (1,922,336) 5,019,512 (45,950,597) 6,004,281

Total expenses 533,898 691,880 2,932,900 2,783,524
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Gain from bargain purchase - - 3,948,274 -
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Net income (loss)
for the period (2,048,301) 3,981,088 (37,197,057) 4,383,963
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Basic earnings (loss)
per common share (0.04) 0.08 (0.73) 0.09
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Diluted earnings (loss)
per common share (0.04) 0.08 (0.73) 0.09
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Balance Sheet Highlights ------------------------------
(Unaudited) March 31, 2009 June 30, 2008
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Cash and cash equivalents $ 1,259,172 $ 10,809,467
Investments, at fair value 11,421,312 57,387,545
Oil & gas properties and
related expenditures 37,432,909 30,612,602
Total assets 63,121,630 104,414,508
Total liabilities 293,673 5,951,833
Share capital, warrants and
contributed surplus 62,151,018 60,588,679
Retained earnings 676,939 37,873,996
Working capital 18,345,887 69,977,654
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The Company spent cash of approximately $4.1 million on oil & gas properties and related expenditures during the nine months ended March 31, 2009. The Company also acquired interests in oil & gas properties of approximately $4.6 million, both directly and indirectly by way of the acquisition of a company holding certain of the interests. As at March 31, 2009, oil & gas properties and related expenditures totaled $37,432,909 as compared to $30,612,602 at June 30, 2008.

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; 295km2 in the Assam/Arakan Basin, Northeast India; 253,000 acres in Rio Negro, Argentina; interests in several projects in Brazil and a 50% interest in approximately 160,000 hectares in the Quebec Lowlands. For additional information, please see Brownstone's website: www.brownstoneventures.com.

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

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