BrazAlta Resources Corp. and Brownstone Ventures announced that Brownstone has entered into a participation agreement with BrazAlta and W.Washington Petroleo S.A. to earn interests in Test Well Blocks 24, 31, 52, 39, 91, 102 & 113, each in the Reconcavo Basin, Brazil.
Under the terms of this farm-in agreement, Brownstone will earn a 25% interest in each of the Test Well Blocks by paying 25% of the costs associated with the drilling of each test well. The test well program has commenced with the spud-in of well 91-01 today. It is anticipated that all of the test wells will be drilled prior to September 30, 2008.
Brownstone, BrazAlta and W.Washington await final approval from the Agencia National De Petroleum on their Round 8 block awards in the Tucano Basin, Central Eastern Brazil. 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.
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