Brownstone Energy Announces Proposed Extension of Warrant Term

TORONTO, ONTARIO--(Marketwire - March 27, 2012) -

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Brownstone Energy Inc. (TSX VENTURE:BWN)(OTCQX:BWSOF) ("Brownstone") announces that it has applied to the TSX Venture Exchange (the "Exchange") for approval to extend the expiry date of 7,951,454 common share purchase warrants that were issued as part of a non-brokered private placement completed by the corporation in April 2010. The warrants are exercisable for common shares of Brownstone, at a price of $0.75 per share, and will currently expire at 5 pm (Toronto time) on April 13, 2012. The corporation is proposing to extend the expiry of the warrants to 5 pm (Toronto time) on April 13, 2014. All other terms and conditions of the warrants, including the exercise price, will remain the same. The proposed extension of the expiry is conditional upon receipt of the Exchange's approval.

Additional details of the warrants are provided in Brownstone's press release dated April 13, 2010. The expiry date of the compensation warrants issued under the private placement to certain finders is not subject to extension and remains April 13, 2012.

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 alternative. For additional information, please see Brownstone's website: www.brownstoneenergy.com.