Brownstone Announces Successful Round 8 Brazil Land Auctions

Source: www.gulfoilandgas.com 11/30/2006, Location: South America

Brownstone Ventures Inc is pleased to announce that the Agencia National De Petroleum ("ANP"), Brazil's National Petroleum Agency has awarded Brownstone two onshore blocks in Round 8 of the Brazilian Land Auctions.

The Blocks acquired are known as Blocks 131 and 132 in the Tucano Basin area of Central Eastern Brazil. These are exploration blocks and are valid for a total of three years. Each Block represents approximately 180 square kilometers.

BrazAlta Resources Corp ("BrazAlta") also was awarded two onshore blocks and W.Washington Empreendimentos E. Participacoes Ltda. ("W.Washington"), BrazAlta's joint venture partner was awarded one block, combined for a total of three. The Blocks acquired by BrazAlta and W.Washington are known as Blocks 161, 172 and 177, also in the Tucano area of Central Eastern Brazil. These blocks are also 180 Square Kilometer exploration blocks which are in force for a total of three years.

Brownstone, BrazAlta and W.Washington and also wish to announce that they have entered into an agreement (the "Agreement") pursuant to which Brownstone, BrazAlta and W.Washington will co-operate on the ownership and development of the combined five blocks awarded in the recent Round 8 land auctions. The Agreement involves Brownstone paying the initial commitments for all Round 8 Concessions obtained by Brownstone, BrazAlta and W.Washington, to a maximum of US$2.5 million, and the parties have agreed to allocate the ownership of the Round 8 Concessions obtained by the parties as to 50% to Brownstone and 50% to BrazAlta and W.Washington. BrazAlta and W.Washington will also have the right to earn a further 50% of Brownstone's interest by satisfaction of the work commitments on all five Blocks.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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