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Brownstone Ventures Inc. Releases Unaudited Results for the Three and Nine Months Ended March 31, 2008

Posted on: Wednesday, 28 May 2008, 18:00 CDT

Brownstone Ventures Inc. (TSX VENTURE: BWN) ("BWN") today announced its unaudited results for the three and nine months ended March 31, 2008.

As at March 31, 2008, the Company had cash and cash equivalents of $30.1 million as compared to $35.9 million as at June 30, 2007. Investments at fair value totaled $26.9 million at March 31, 2008 as compared to $24.9 million at June 30, 2007. Also at March 31, 2008, oil & gas properties and related expenditures totaled $22.0 million as compared to $16.3 million as at June 30, 2007.

 Financial Highlights for the three and nine months ending March 31, 2008  with comparatives: ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Operating Results (unaudited)  Three months ended         Nine months ended                                          March 31,                 March 31,                               ----------------------------------------------                                    2008      2007         2008         2007 ---------------------------------------------------------------------------- Realized gains on disposal of  investments, net             $ 385,709  $ 37,113  $ 1,649,650 $ 23,194,819 Unrealized gains (losses) on  investments, net             4,633,803  (332,266)   4,354,631  (15,976,821) Net investment gains (losses) 5,019,512  (295,153)   6,004,281    7,217,998 Total expenses                  691,880   894,749    2,783,524    5,315,189 ---------------------------------------------------------------------------- Net income (loss) for the  period                       3,981,088  (735,040)   4,383,963    3,532,591 ---------------------------------------------------------------------------- Basic earnings (loss) per  common share                      0.08     (0.02)        0.09         0.08 ---------------------------------------------------------------------------- Diluted earnings (loss) per  common share                      0.08     (0.02)        0.09         0.08 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ----------------------------------------------------------------------------                                               ------------------------------ Balance Sheet Highlights (unaudited)           March 31, 2008 June 30, 2007 ---------------------------------------------------------------------------- Cash and cash equivalents                        $ 30,083,850  $ 35,951,353 Investments, at fair value                         26,882,022    24,902,453 Oil & gas properties and related expenditures      22,026,828    16,333,500 Total assets                                       81,672,055    79,397,145 Total liabilities                                     930,947     3,778,613 Share capital, warrants and contributed  surplus                                           60,812,116    60,049,796 Retained earnings                                  19,928,992    15,568,736 Working Capital                                    58,114,527    57,332,027 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- 

The Company has spent approximately $1.8 million on oil & gas properties and related expenditures during the three months ended March 31, 2008 and approximately $5.7 million during the nine months ended March 31, 2008.

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

"We continue to be well funded and, as many of our projects are nearing drilling and development stages, we also continue to seek other compelling opportunities in both direct oil and gas projects and in select oil and gas equity positions," commented Sheldon Inwentash Chairman and CEO of Brownstone.

About Brownstone

Brownstone Ventures Inc. is a well-financed 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, 295km(2) 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.

The TSX Venture Exchange has not reviewed and does not accept 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.

Source: MARKET WIRE

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