Brownstone Provides Drilling Update in Argentina

Last update: 10:43 a.m. EDT Oct. 9, 2008

TORONTO, ONTARIO, Oct 09, 2008 (MARKET WIRE via COMTEX) -- Brownstone Ventures Inc. (CA:BWN: news, chart, profile) ("Brownstone") is pleased to provide an update received from the operator, Petrolifera Petroleum Limited (CA:PDP: news, chart, profile) ("Petrolifera"), with respect to its 253,000 acre (approximately 1,025 square kilometers) Vaca Mahuida Block in the province of Rio Negro, Argentina.

Petrolifera has advised that they are presently testing an exploratory well on Vaca Mahuida which encountered live 29 degree API oil during drilling and initial swab tests. A number of hydraulic fracs will be conducted over several intervals to determine well productivity from identified shallow Centenario sandstone reservoirs at around 800 meters subsurface. Petrolifera further advised that the Centenario was the primary objective of this well, labeled VM 2007. Should this well prove commercial, Petrolifera anticipates early production with good follow-up potential. Petrolifera and Brownstone also have another well, VM 2001, standing cased awaiting testing on the Vaca Mahuida block. Brownstone is incurring 50% of the costs of the Vaca Mahuida project to earn its 25% working interest.

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, 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: www.brownstoneventures.com.

This press release contains forward looking statements, including statements with respect to the objectives of an exploration program on the Vaca Mahuida Concession in the province of Rio Negro, Argentina. There can be no assurance that the exploration program will be successful, nor that it can be conducted at the costs budgeted for the programs. Actual costs, results and the outcome of the seismic program and the drilling program may vary from expectations. There can be no assurance that suitable seismic crews and/or drilling rigs can be secured to conduct the program in a timely manner. International exploration involves risks, including currency risk, the risk of expropriation, and other risks which are set out in greater detail in Brownstone's public filings as posted on SEDAR at www.sedar.com.

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