TORONTO, ONTARIO -- (Marketwire) -- 06/18/10 -- Brownstone Ventures Inc. (TSX VENTURE: BWN) ('Brownstone' or the 'Company') is pleased to announce that the Israeli Petroleum Commissioner's office has notified the Company and its joint venture partners, that, during the most recent sitting of the Israeli Petroleum Board, they have been awarded interests in a petroleum license in offshore Israel (the 'Samuel License') as follows: Brownstone Ventures Inc. - 6.75%; a group composed of Adira Oil Technologies Ltd. along with Adira GeoGlobal Ltd. (OTCBB: ADENF), Geoglobal Resources (India) Inc. (NYSE Amex: GGR) and Pinetree Capital Ltd. (TSX: PNP) hold the remainder of the interests.
About the Samuel License
The Samuel License area is located adjacent to the coast of Israel and runs between Ashkelon and Bat Yam. The Samuel License is contiguous and south east of Brownstone's and Adira's Gabriella and Yitzhak Licenses. The license area is near shore in shallow water with many of the key targets in less than 100 meters of water. Shallow water drilling significantly decreases drilling costs and operating risks and allows the partners to make use of less expensive jack up drilling rigs. The prospects are located along the existing Mari B pipeline and close to shore providing a significant cost and time savings in the event of full development of this prospect. The Samuel License has been granted for an initial period of three years. Subsidiaries of Adira and GeoGlobal have been designated as joint Operators of the Samuel License, and will be paid an aggregate operating fee and a gross overriding royalty.
Jonathan Schroeder, President and COO of Brownstone, stated: 'Brownstone is excited to work with Geoglobal and Adira Energy on the Samuel License. We understand that a high resolution 3D seismic program is being proposed by the operators to help define the limits of the resource and further define the Direct Hydrocarbon Indicators currently observed on numerous 2D seismic lines over the Samuel Block. We are delighted to have qualified, together with our technical and financial partners, to develop this prospective block, and understand the joint operators plan an aggressive 3D seismic acquisition program later this year, with drilling during 2011.'
Brownstone Ventures Inc. is a 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; interests in several projects in Brazil; a 50% interest in approximately 300,000 hectares in the Quebec Lowlands; a 15% participating interest in two off-shore Israel oil and gas blocks; and is earning interests (14-35%) in 4 Colombian blocks in the Llanos basin. For additional information, please see Brownstone's website: www.brownstoneventures.com.
Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Brownstone, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with oil and gas activities, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Brownstone Ventures Inc.
Jonathan Schroeder, P. Geoph.
President and COO
Brownstone Ventures Inc.
Vice-President Corporate and Legal Affairs