Brownstone Joint Ventures With Laramie Energy LLC in Piceance Basin

Brownstone Joint Ventures With Laramie Energy LLC in Piceance Basin

Brownstone Ventures Inc. and its joint venture partner, Dejour Enterprises Ltd. announced they have signed a joint venture agreement with Laramie Energy II LLC, a privately funded Exploration and Production Company with corporate offices in Denver Colorado. The joint venture involves approximately 22,000 gross acres (6,300 net to Brownstone) in an area at the northwest edge of the Piceance Basin. Under the terms of the agreement Laramie will begin a continuous drilling program in the second half of 2009 and will have the right to earn up to 55% of the acreage covered under the agreement by completing at least four commercially productive wells.

This agreement allows Brownstone and Dejour to fast track the exploration and development of this important lease holding under the guidance of an exceptional E&P company with a demonstrated history of success in the Rocky Mountains, while at the same time allowing Brownstone and Dejour to focus internal resources on preparations for the drilling next year of multiple wells to the Williams Fork formation at Gibson Gulch and Roan Creek, and to continue to work on other potential joint ventures with operators in the area.

The agreement with Laramie Energy II LLC is a result of the business strategy that was implemented earlier this year to divide the Brownstone/Dejour acreage position into focus, or business, areas and to move forward on multiple fronts over the next several years. Through Dejour, as operator, Brownstone and Dejour continue to vigorously pursue this strategy and have discussions underway with a number of other operators in the area.

This is the second joint venture agreement entered into by Brownstone and Dejour this year. The first being the agreement announced June 24, 2008, among Brownstone, Dejour and Fidelity Exploration & Production Company covering 14,000 acres of long term, highly prospective oil and gas leases in the Northern Paradox Basin located in South-eastern Utah.

“This latest agreement demonstrates the quality and value of our land package in Utah and Colorado and we look forward to completing more agreements of this type, bringing in quality partners to fund and explore this exciting basin,” said Sheldon Inwentash, CEO of 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, 295km2 in the Assam/Arakan Basin, Northeast India, 253,000 acres in Rio Negro, Argentina and interests in several projects in Brazil. For additional information, please see Brownstone’s website:

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