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Brownstone Energy Inc. Releases Unaudited Results for the Three Months Ended September 30, 2012

TORONTO, ONTARIO -- (Marketwire) -- 11/27/12 -- Brownstone Energy Inc. (TSX VENTURE:BWN)(OTCQX:BWSOF) ("Brownstone" or the "Company") today announces its unaudited results for the three months ended September 30, 2012.

As at September 30, 2012, the Company had cash and cash equivalents of $10.7 million as compared to $18.2 million as at June 30, 2012. Investments at fair value totaled $3.0 million as at September 30, 2012 as compared to $2.8 million as at June 30, 2012. Also as at September 30, 2012, exploration and evaluation assets totaled $49.7 million as compared to $45.1 million as at June 30, 2012.

Financial Highlights for the three months ending September 30, 2012 with comparatives:

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                      Three months ended    
Operating Results                                        September 30,      
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                                                          2012         2011 
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Realized losses on disposal of investments, net    $         -  $  (191,331)
Net change in unrealized losses on investments        (287,466)  (2,372,268)
Net investment losses                                 (287,466)  (2,563,599)
Total expenses                                         720,759      836,438 
----------------------------------------------------------------------------
Loss for the period                                 (1,095,691)  (3,343,326)
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Basic and diluted loss per common share                  (0.01)       (0.03)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------
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Consolidated statements of financial position  September 30,                
 highlights                                             2012  June 30, 2012 
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Cash and cash equivalents                      $  10,700,948  $  18,197,006 
Investments, at fair value                         2,984,003      2,771,469 
Exploration and evaluation assets                 49,681,931     45,141,148 
Total assets                                      65,314,223     67,650,272 
Total liabilities                                  1,424,030      1,150,868 
Share capital, warrants and broker warrants,                                
 contributed surplus                             120,678,452    120,550,480 
Foreign currency translation reserve              (2,570,231)      (928,739)
Deficit                                          (54,218,028)   (53,122,337)
Working Capital                                   13,614,107     20,793,675 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

During the three months ended September 30, 2012, the Company spent net cash of $5,609,983 on exploration and evaluation assets as compared to $2,961,266 during the three months ended September 30, 2011.

Brownstone also advises that the Board of Directors has approved the grant of 2,390,000 options to certain officers, directors, employees and consultants of the Company. Each option is exercisable into one common share of the Company for a period of five years, vesting quarterly for a period of 18 months, at a price equal to the closing price of the Company's common shares on the TSX Venture Exchange on November 28, 2012.

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

About Brownstone

Brownstone Energy Inc. is a Canadian-based, energy focused company with direct interests in oil and gas exploration projects, including varying interests in three off-shore Israel concessions and in four Colombian blocks in the Llanos basin, as well as other oil and gas interests worldwide. By owning and managing a diversified portfolio of energy-based projects, Brownstone provides shareholders with a unique energy investment alternative. For additional information, please see Brownstone's website: www.brownstoneenergy.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Brownstone Energy Inc.
Jonathan Schroeder, P. Geoph.
President and COO
(403) 660-2894
[email protected]

Brownstone Energy Inc.
Gerry Feldman
Chief Financial Officer
(416) 941-8900
[email protected]

Brownstone Energy Inc.
Richard Patricio
Vice-President Corporate and Legal Affairs
(416) 941-8900
[email protected]
www.brownstoneenergy.com

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