Mr. Richard Patricio reports

BROWNSTONE VENTURES INC. RELEASES UNAUDITED RESULTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2010

Brownstone Ventures Inc. has released its unaudited results for the three months ended Sept. 30, 2010.

As at Sept. 30, 2010, the company had cash and cash equivalents of $458,279, as compared with $1.8-million as at Sept. 30, 2010. Investments at fair value totalled $12.3-million at Sept. 30, 2010, as compared with $17.2-million at June 30, 2010. Also at Sept. 30, 2010, oil and gas properties and related expenditures totalled $37.7-million, as compared with $36.2-million as at June 30, 2010.

                         FINANCIAL HIGHLIGHTS
 
                                                Three months ended Sept. 30,
                                                        2010            2009
Operating results
Realized gains (losses) on disposal of
investments, net                               $  (1,003,846)  $      77,556
Unrealized gains on investments, net               1,063,164       3,687,641
                                               -------------   -------------
Net investment gains                                  59,318       3,765,197

Total expenses                                       868,337       4,148,461
Net loss for the period                        $     462,323   $     648,126

Basic and diluted loss per common share        $        0.01   $        0.01

During the three months ended Sept. 30, 2010, the company spent cash of $1,581,846 on oil and gas properties, and related expenditures.

Subsequent to Sept. 30, 2010, the company announced in Stockwatch on Nov. 22, 2010, an oil discovery in the Lower Mirador formation at the Canaguay-1 well on its Canaguaro block in Colombia. Brownstone is earning a 25-per-cent working interest in the Canaguaro block. See the company's news release dated Nov. 22, 2010, in Stockwatch for further details.

Brownstone is currently participating in eight oil and gas exploration projects based in Colombia, Israel, United States (Colorado, Utah and Oregon), Argentina, Canada and Brazil.