TORONTO, ONTARIO -- (Marketwire) -- 07/30/10 -- Brownstone Ventures Inc. (TSX VENTURE: BWN) ('Brownstone') is pleased to provide the following update of drilling operations at the Canaguay # 1 well on the Canaguaro Block in the Llanos Basin of Colombia.
Brownstone has been advised by the operator of the Canaguay #1 well, Quetzal Energy Ltd. (TSX VENTURE: QEI) ('Quetzal'), that intermediate 9 5/8 inch casing was cemented at 14,227 feet in the Canaguay #1 well. Drilling operations are expected to resume shortly and it was anticipated that the well will reach the planned total depth of 16,200 feet within 2 weeks.
Preliminary correlations indicate that Canaguay #1 is approximately 76 feet structurally higher than the offsetting Fortaleza #1 well, which is 3.5 kilometers north of the Canaguay #1 location. Both wells are mapped in the same structure, according to the operator's interpretation of the Canaguaro 3D seismic volume. Fortaleza #1 was drilled by Elf - Aquitaine in 1978 and tested 462 barrels of 23 API oil per day from the Mirador Formation.
Canaguay #1 is programmed to test the hydrocarbon potential of several reservoirs including the Carbonera, Mirador, Gacheta, and Une. The Company is earning into its 25% working interest in the Canaguaro Block. Partners in the project are Quetzal (25% working interest and operator) and Condor Exploration Inc. (50% working interest).
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