Brownstone Energy Inc. Releases Unaudited Results for the Three and Six Months Ended December 31, 2010

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Source: Marketwire

TORONTO, ONTARIO -- (Marketwire) -- 02/24/11 -- Brownstone Energy Inc. (TSX VENTURE: BWN) today announces its unaudited results for the three and six months ended December 31, 2010.

As at December 31, 2010, the Company had cash and cash equivalents of $8.7 million as compared to $1.8 million as at June 30, 2010. Investments at fair value totaled $14.5 million at December 31, 2010 as compared to $17.2 million at June 30, 2010. Also at December 31, 2010, oil & gas properties and related expenditures totaled $40.1 million as compared to $36.2 million as at June 30, 2010.

Financial Highlights for the three and six months ending December 31, 2010 with comparatives:


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Operating Results           Three months ended        Six months ended
 (unaudited)                   December 31,             December 31,
                          --------------------------------------------------
                                 2010       2009         2010          2009
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Realized gains on disposal
 of investments, net       $  279,670 $  699,799   $ (724,176) $    777,355
Unrealized gains (losses)
 on investments, net        4,178,644   (968,470)   5,241,808     2,719,171
Net investment gains
 (losses)                   4,458,314   (268,671)   4,517,632     3,496,526
Net and comprehensive
 income (loss) for the
 period                     3,117,392   (762,474)   2,655,069    (1,410,600)
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Basic earnings (loss) per
 share                           0.04      (0.01)        0.03         (0.02)
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Diluted earnings (loss)
 per share                       0.03      (0.01)        0.03         (0.02)
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Balance Sheet Highlights               December 31, 2010      June 30, 2010
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Cash and cash equivalents               $      8,700,056   $      1,832,230
Investments, at fair value                    14,458,169         17,174,119
Oil & gas properties and related
 expenditures                                 40,134,618         36,167,168
Total assets                                  68,601,793         63,961,793
Total liabilities                              3,302,037          2,113,363
Share capital, warrants and
 contributed surplus                          82,850,538         82,054,281
Deficit                                      (17,550,782)       (20,205,851)
Working Capital                               23,002,877         20,394,295
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During the six months ended December 31, 2010, the Company spent cash of $4,230,778 on oil & gas properties and related expenditures.

Brownstone is currently participating in eight oil and gas exploration projects based in Colombia, Israel, United States (Colorado/Utah and Oregon), Argentina, Canada and Brazil.

About Brownstone

Brownstone Energy 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; 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 several 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.brownstoneenergy.com.

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.

Contacts:
Brownstone Energy Inc.
Jonathan Schroeder, P. Geoph.
President and COO
(403) 660-2894
schroeder@brownstoneventures.com

Brownstone Energy Inc.
Richard Patricio
Vice-President Corporate and Legal Affairs
(416) 941-8900
info@brownstoneventures.com
www.brownstoneenergy.com

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