Brownstone Increases Brazilian Interests; Partners with Petro Vista

Source: www.gulfoilandgas.com 8/12/2008, Location: South America

Brownstone Ventures Inc is pleased to announce that it has entered into a farm-in by way of a Head Farmout Agreement with Petro Vista Energy Corp, whereby Brownstone's Brazilian subsidiary can earn a 20 percent working interest in on-shore blocks SEAL-T-413 and SEAL-T-428 (the "Sergipe Blocks"), in the Sergipe-Alagoas Basin, in north-east Brazil. The blocks represent 9,300 net acres and were initially acquired during the Round 7 auctions of the Brazilian National Petroleum, Natural Gas and Bio-Fuels Agency (the "ANP") in 2007.

Under the terms of the Head Farmout Agreement, Brownstone will be obligated to incur twenty percent of the actual costs to be incurred in the conduct of the work on the second exploration period, and provide the guarantee for the minimum work program for the second exploration period, as specified in agreements with the ANP.

Past work on the Sergipe Blocks include 2D and 3D seismic and Brownstone understands that targets have been identified and are near drill-ready. The consortium partners in the Sergipe Blocks following the farm-in by Brownstone will be: Brownstone (20%); Petro Vista (30%); BrazAlta Resources Corp. (25%) and W.Washington Petroleo S.A. (25%). Presently W.Washington Petroleo S.A. is the operator of the Sergipe Blocks and will be replaced by Petro Vista subject to ANP approval that is being sought.


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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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