Brownstone Ventures Inc.

Brownstone Ventures Inc.

November 24, 2006 14:44 ET

Brownstone Ventures Inc.'s Unaudited Results for the Three Months Ended September 30, 2006

Realized investment gains increase to $18.7 million from $484,000; Expands direct oil and gas portfolio

TORONTO, ONTARIO--(CCNMatthews - Nov. 24, 2006) - Brownstone Ventures Inc. (TSX VENTURE:BWN) today announced its unaudited results for the three months ended September 30, 2006.

Brownstone generated realized gains on disposal of investments in the quarter of $18,672,207 as compared to $483,806 for the three months ended September 30, 2005.

Because Brownstone accounts for its investments using the Fair Value method, offsetting the realized gains were $13,460,266 of net unrealized losses in the quarter, resulting in net investment gains of $5,211,941 in the current quarter.

The net unrealized losses in the quarter are not due to a decrease in the value of Brownstone's investments. Rather, they are comprised primarily of reversals of unrealized gains recognized in previous quarters on investments that were sold in the current quarter. Net investment gains in the quarter ending September 30, 2005 were $5,256,557.

Expenses increased to $3,065,367 as compared to $211,735 for the three months ended September 30, 2005 due to a significant increase in business activities and increased payments under existing compensation agreements.

Net income for the three months ended September 30, 2006 was $2,853,484 ($0.07 per share) as compared to net income of $5,044,822 ($0.33 per share) for the three months ended September 30, 2005.

Also during the quarter, Brownstone completed a private placement financing for approximately $15 million in gross proceeds and finalized two significant direct oil and gas investments, one in India and one in the United States.

Mr. Inwentash, President and CEO, stated, "The quarter was a very active one for Brownstone, both from a financing and investment perspective. We expanded our direct oil & gas investments and we are continuing to actively review other direct oil & gas opportunities globally".

About Brownstone - Brownstone Ventures Inc. ("Brownstone") is a Canadian based, energy focused investment company with direct interests in oil and gas exploration projects as well as equity investments in uranium and oil & gas companies. For additional information, please see Brownstone's website:

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

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