Blocks 204, 219, 234 and Test Well Block 235:
Under the terms of this farm-in agreement, Brownstone can earn a 15 percent interest of the Test Well Block and a 15 percent interest of Blocks 204, 219 and 234, all Blocks being located in the State of Bahia in the Reconcavo basin, Brazil, by paying 25% of the costs associated with the drilling of a test well. It is anticipated that the test well will be drilled in the fourth quarter of fiscal 2007.
Blocks 94, 105, 115 and 116:
Under the terms of the second farm-in agreement, by Brownstone paying 25% of the costs associated with a 120 square kilometre 3D seismic shoot, it can earn a 12.5% interest in each of Blocks 94, 105, 115 and 116, which are all adjacent to the Fazenda Santa Estevao Field located in the State of Bahia in the Reconcavo basin, Brazil. It is anticipated that the seismic program commence within the next 30 days.
Brownstone, BrazAlta and W.Washington await final approval from the Agencia National De Petroleum ("ANP") on their Round 8 block awards in the Tucano Basin, North Eastern Brazil. As discussed in press releases dated November 30, 2006, Brownstone, BrazAlta and W.Washington have formed a joint venture pursuant to which they will co-operate on the ownership and development of the combined five blocks awarded in the Round 8 land auctions.
BrazAlta is a publicly traded a Canadian based international oil and gas corporation primarily engaged in exploration, development and production of oil and gas in Brazil, Northern Ireland and Canada. As a result of its current land holdings, BrazAlta is currently the largest Canadian independent onshore exploration corporation in Brazil.
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 almost 300,000 acres in the Piceance/Uinta Basins of Colorado and Utah, 295km2 in the Assam/Arakan Basin, Northeast India and 253,000 acres in Rio Negro, Argentina.
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