Brownstone Announces Proved and Probable Reserves in Piceance

TORONTO, ONTARIO--(Marketwire - March 18, 2010) - Brownstone Ventures Inc. (TSX VENTURE:BWN) ("Brownstone"), announced the results of a recently completed reserve assessment for its wholly-owned subsidiary Brownstone Ventures (US) Inc. The reserve evaluation which was provided as at December 31, 2009 was conducted by independent, global consultants, Gustavson Associates LLC ("Gustavson"), of Boulder Colorado, a qualified resource evaluator, and was prepared in accordance with Canada's National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and the COGE Handbook. The forecast prices are based on December 31, 2009 NYMEX futures strips prices prepared by Gustavson and adjusted for the appropriate transportation differentials. The reserve assessment was conducted together with Dejour Enterprises Ltd. (TSX: DEJ) ("Dejour"), the operator and Brownstone's partner in the Piceance/Uinta Basin projects (Colorado and Utah).

Summary of Brownstone's Gibson Gulch Net Reserves as at December 31, 2009

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Reserves Category   Light and    Natural Gas  Natural Gas        Net Present
                    Medium Oil   (Billions    Equivalent     Value of Before
                    (Millions    of Cubic)   (Billions of      Tax Cash Flow
                    of Barrels)  Feet)         Cubic Feet      Discounted at
                                              Equivalent)          10% (USD)
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Proved Undeveloped         0.2          35            36         $60 Million
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Probable                   0.3          47            49         $59 Million
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Total                                                                       
Proved Plus Probable       0.5          82            85        $119 Million
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These additions to Brownstone's reserves reported as at June 30, 2009 (in its NI 51-101 Statement of Reserves Data and Other Oil and Gas Information filed at www.sedar.com under the company's profile), are significant as the company reported nil reserves at that time.

Key Piceance Basin Project's Proved Undeveloped and Probable Reserves valued at Before Tax Net PV-10 of US$119mm (net of capital, operating costs and local taxes).

All Proved and Probable Reserves are attributed to the Mesaverde (Williams Fork) Formation underlying the Company's leasehold at Gibson Gulch. In this area, the Mesaverde Formation is a 2,500 ft. thick section of tight gas sands, with an anticipated ultimate recovery per well of 1.65 Billion Cubic Feet of gas. Utilization of enhanced fracture stimulation technology over the past few years has enabled production rate increases of 50-100% in this formation. Antero, Barrett (NYSE: BBG) and Williams Co. (NYSE: WMB) have operations bordering Brownstone's Gibson Gulch holdings. Williams entered the area via purchase of bordering acreage in 2009. Of note, Browntone's Gibson Gulch leases make up less than 2% of Brownstone's leasehold in Colorado and Utah.

"We are pleased with the efforts of our partner Dejour who, as operator, is fully engaged in developing our exploitation plan for Gibson Gulch, looking beyond the Mesaverde to the deeper Mancos Shale as a target", said Sheldon Inwentash, CEO of Brownstone. "With Dejour, we are actively permitting drilling locations on other leases in the Piceance to advance our exploration program in 2010.

About Brownstone

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.

Additional Notes on Reserve Estimates: The reserve estimates assume available funding for development of the properties. Disclosed values do not necessarily represent fair market value. A conversion ratio for Cubic Feet Equivalent of gas of 6 thousand cubic feet to 1 bbl is used in the above tables and is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Prospective Resources are defined as "those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective Resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be sub-classified based on project maturity". There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. These estimates represent the likely size of the resource, if present, and have not been adjusted for risk of failure.

Statements Regarding Forward-Looking Information: This news release contains statements that may constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation as they involve the assessment that the reserves and resources described can be profitably produced in the future, based on certain estimates and assumptions, these forward-looking statements include but are not limited to, the availability of funding for future projects, anticipated recovery per well for Gibson Gulch, the, risks related prospective resource best estimate being inaccurate or incomplete or based upon errors in assumptions, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geologic data, fluctuations in oil and gas prices and prices for drilling and other well services, government regulation and foreign political risks, as other risks commonly associated with the exploration and development of oil and gas properties. Additional information on these and other factors, which could affect Brownstone's operations or financial results, are included in Brownstone's reports on file with Canadian securities regulatory authorities. We assume no obligation to update forward-looking statements should circumstances or management's estimates or opinions change unless otherwise required under securities law.