2008-12-03-2008-11-17-2008-11-17

JV to earn up to 55% in 22,000 gross acres (6,300 net) in Piceance Basin in UT.

Brownstone Ventures Inc., Toronto, (CDNX: BWN) and joint-venture partner Dejour Enterprises Ltd., Vancouver, (Amex, CDNX: DEJ) have entered a joint-venture agreement with privately owned, Denver-based Laramie Energy II LLC involving assets in the Piceance Basin. The properties consist of approximately 22,000 gross acres (15,700 net acres; 6,300 net to Brownstone) in the Rangely prospect in at the northwestern edge of the basin in Utah. Laramie will begin a continuous-drilling program in the second half of 2009 and will have the right to earn up to 55% of the acreage covered by completing at least four commercially productive wells. The agreement with Laramie is part of Brownstone and Dejour's strategy to divide their acreage position into focus areas and move forward on multiple fronts during the next several years. Brownstone chief executive Sheldon Inwentash says, "This latest agreement demonstrates the quality and value of our land package in Utah and Colorado and we look forward to completing more agreements of this type, bringing in quality partners to fund and explore this exciting basin." Dejour chairman Bob Hodgkinson says, "We are particularly pleased to be able to make this announcement as it demonstrates, in a time of uncertain markets, an independent confirmation of the value of Dejour's acreage position in Utah and Colorado." Laramie is the second iteration of the EnCap Investments-backed start-up led by Bob Boswell and has more than 55,000 net acres in the Piceance Basin of Colorado.