Brownstone Ventures Posts Third Quarter Results

Brownstone Ventures has announced its unaudited results for the three months ended September 30, 2008.

As at September 30, 2008, the Company had cash and cash equivalents of $6.7 million as compared to $10.8 million as at June 30, 2008. Investments at fair value totaled $25.0 million at September 30, 2008 as compared to $57.4 million at June 30, 2008. Also at September 30, 2008, oil & gas properties and related expenditures totaled $34.1 million as compared to $30.6 million as at June 30, 2008.

The Company has spent approximately $3.5 million on oil & gas properties and related expenditures during the three months ended September 30, 2008. As at September 30, 2008, oil & gas properties and related expenditures totaled $34,153,189 as compared to $30,612,602 at June 30, 2008.

Brownstone is currently participating in five oil and gas exploration projects based in the United States (Colorado/Utah and Oregon), Argentina, Brazil and India.
 

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