FOR
IMMEDIATE
RELEASE:
April 30, 2007
BROWNSTONEANNOUNCES DRILLING PERMIT APPROVAL
TORONTO, Ontario (April 30, 2007) – Brownstone Ventures Inc. (TSXV: “BWN”), is pleased
to announce that it has received Approved Permits to Drill (APD’s) from the Meeker Bureau of Land
Management office in Colorado,
for the initial two locations for the Barcus Creek prospect. This
prospect is located in the company’s Rio Blanco Deep Project Area, North
Barcus Cr. 1-12 and 2-12. Final approvals from the Colorado State
office are now expected within the next two weeks. Two additional approved
APD’s for additional locations at Barcus Creek are expected shortly.
Brownstone expects drill pads at four (4) separate drilling
locations to be constructed on the Barcus Creek leases, with each location
prepared to ultimately drill up to six (6) individual wells. Drilling
operations are planned to commence prior to the end of June 2007, subject to
final rig contract. The primary drill target is the lower 2000’ of the
Mesa Verde Group sandstones, the most prolific producing natural gas reservoir
in this Basin. Currently drill permits will allow for 40 acre spacing units on
this prospect.
Brownstone currently holds a 10% working interest in the
1590 acre Barcus Creek prospect, and over 12,000 acres in the Rio Blanco Deep
project area. This is part of almost 290,000 gross acres of oil & gas
leases held by Brownstone in the Piceance/Uinta Basins of Western Colorado and Eastern Utah. Dejour Enterprises Ltd. (TSX.V: DJE) also
holds a 25% working interest in this prospect and the Retamco joint venture.
The Rio Blanco Deep project area of the Piceance Basin
has become the focus of concentrated drilling activity in the past 12 months:
à
Williams Co. has recently drilled two wells
offsetting the Company’s Barcus Creek leases on leases held by Exxon to
depths approximating 11,500 feet, and now has drilling operations proceeding on
two more locations.
à
Bass Operating has completed 3 wells into
pipe and is currently drilling a fourth well on locations to the southeast.
à
Conoco- Phillips is also active in this
area with two drill rigs drilling full time on lands purchased by Encana, which
approximate 200,000 acres in this project area.
This is the initial phase of an extended exploitation
program planned by Brownstone and its partners for the Piceance/Uinta
properties.
About Brownstone –
Brownstone Ventures Inc. (“Brownstone”) is a Canadian-based, energy
focused investment company with equity investments in uranium and oil &
gas, as well as direct interests in oil and gas exploration projects. For
additional information, please see Brownstone’s website:
www.brownstoneventures.com.
The
TSX Venture Exchange does not take responsibility for the adequacy or accuracy
of this release.
For further information:
Richard
Patricio
Vice-President Corporate
and Legal Affairs
130 King Street West, Suite 2500
Toronto,
Ontario, Canada
M5X 1A9
(416) 941-8900
www.brownstoneventures.com
Statements
in this release that are forward-looking statements are subject to various
risks and uncertainties concerning the specific factors disclosed under the
heading “Risk Factors” and elsewhere in the Corporations’
periodic filings with Canadian securities regulators. Such information
contained herein represents management’s best judgment as of the date
hereof based on information currently available. The corporation does not
assume the obligation to update any forward-looking statement.
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