Brownstone Updates Piceance Project

Brownstone Ventures Inc. (TSX VENTURE: BWN) (“Brownstone”) and its joint venture partners report further updates on its Piceance Basin Project.

Piceance Basin, Colorado

North Barcus Creek #1-12

Flow-testing and completion operations for the N. Barcus Creek #1-12 discovery well located in Rio Blanco County are continuing. All frac fluids have now been recovered. The operator is assessing additional work to ensure the optimum completion method for production from these significant reservoirs. The time spent establishing the completion methodology at the #1-12 well will assist in the completion program for the N. Barcus Creek #2-12 well and all future wells bearing similar geology on this lease block. Flow rates have continued to meet the operator’s expectations.

New Permits

Brownstone and its partners at the N. Barcus Creek Prospect have received permits to allow the drilling of 2 additional wells on this 1590 acre lease block, where Brownstone and its partners have drilled, cased, logged and currently testing for production two wells, each yielding in excess of 250 feet of net indicated gas pay.

Brownstone holds a 10% unpromoted interest in these lands and all exploration expenditures. Current spacing unit approvals from the BLM allow for the drilling of an estimated 38 wells based on 40 acre spacing. In the future, further down-spacing to 10 acre units is likely.

This N. Barcus Creek lease block lies directly between a large Exxon lease block directly to the east and a large lease block owned by EnCana to the west. The Exxon lands host four recent natural gas resource discoveries drilled by Williams Cos. immediately offsetting the Company’s leases. Exxon previously announced its intention to drill 1000 wells on its leases in that area. Recently, Conoco-Philips announced its intention to commence drilling the first of 800 wells on the EnCana lands, which are now subject to a Conoco-Philips joint venture, early in 2008.

N. Barcus Creek is one of three lease blocks totalling approximately 5010 acres within the ‘Rio Blanco Deep’ project area.

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.

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

 Contacts: Brownstone Ventures Inc. Richard Patricio Vice-President Corporate and Legal Affairs (416) 941-8900 Email: info@brownstoneventures.com Website: www.brownstoneventures.com

SOURCE: Brownstone Ventures Inc.