Brownstone Enters Into Farmin Agreement with Petrolifera Petroleum Limited

Brownstone Ventures Inc. (TSX VENTURE: BWN) ("Brownstone") announced today that it has entered into a farmin by way of a Participation Agreement with Petrolifera Petroleum Limited (TSX: PDP) ("Petrolifera"), whereby Brownstone can earn a 25 percent interest in Petrolifera's 253,000 acre (approximately 1,025 square kilometers) Vaca Mahuida Block in the province of Rio Negro, Argentina. The Vaca Mahuida block is situated south of and is contiguous with Petrolifera's 100 percent owned Rinconada Block, which comprises a part of the Puesto Morales/Rinconada Concession in Argentina's Neuquen Basin.

Under the terms of the Participation Agreement, Brownstone will be obligated to incur fifty percent of the actual costs to be incurred in the conduct of the work program which comprised the successful bid submitted by Petrolifera in a recent round of awards made by the government of Rio Negro. The Vaca Mahuida program, as accepted by the tendering government, is anticipated to entail the reprocessing 560 square kilometers of existing 3D seismic; the acquisition of a minimum of 1,150 square kilometers of new 3D seismic over the block; and the drilling of 12 new wells to depths ranging from 1,000 to 1,500 meters, all over a three year period. Upon completion of the work program, and assuming commerciality, a production license of twenty five years would be issued. Under current arrangements, this would be owned 75 percent by Petrolifera, the operator and 25 percent by Brownstone or its nominee.

Based on current market conditions, the approximate cost of the earning program is estimated at $10 million for Brownstone, with a like amount to be incurred by Petrolifera in discharging the block's work obligations. A royalty rate of 23 percent would be payable to the province on any commercial production from the area once commerciality has been declared and production initiated from the region.

The farmout was undertaken by Petrolifera as part of its risk management strategy. The transaction affords Brownstone the opportunity to diversify its resource exposure to a new country and opportunity with an established, successful joint venture operator. The primary objective of the proposed exploration program on the block will be to identify shallow crude oil accumulations, primarily in the Sierras Blancas Formation. Other prospects and objectives had also been identified by Petrolifera prior to its successful acquisition of the block at competitive auction.

Petrolifera Petroleum Limited is a Calgary-based crude oil and natural gas exploration and production company with its primary production base on its Puesto Morales/Rinconada Concession in the Neuquen Basin, Argentina. Significant exploration interests are also held in two licenses onshore Peru and more recently new concessions were secured in the Upper and Middle Magdalena Basin, Colombia. The company's common shares trade on the Toronto Stock Exchange under the symbol PDP. For further information see Petrolifera's website at www.petrolifera.ca.

Brownstone Ventures Inc. is a well-financed Canadian-based, energy focused investment company with direct interests in oil and gas exploration projects, including working interests in approximately 290,000 acres in the Piceance/Uinta Basins of Colorado and Utah and 295km2 in the Assam/Arakan Basins, Northeast India. For additional information, please see Brownstone's website: www.brownstoneventures.com.

This press release contains forward looking statements, including statements with respect to the objectives of an exploration program on the Vaca Mahuida Concession in the province of Rio Negro, Argentina. There can be no assurance that the exploration program will be successful, nor that it can be conducted at the estimated costs contained in this press release. Actual costs, results and the outcome of the seismic program and the drilling program may vary from expectations. There can be no assurance that suitable seismic crews and/or drilling rigs can be secured to conduct the program in a timely manner. International exploration involves risks, including currency risk, the risk of expropriation, and other risks which are set out in greater detail in Petrolifera's and Brownstone's public filings as posted on SEDAR at www.sedar.com.

The TSX Venture Exchange does not take responsibility for the adequacy or accuracy of this release.

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