Quetzal makes oil discovery in Canaguaro Block

Brownstone Ventures announced an oil discovery in the Lower Mirador Formation at the well Canaguay - 1 on the Canaguaro Block in Colombia. Brownstone has a 25% working interest in the Canaguaro Block. Partners in the project are Quetzal (25% working interest and operator) and Condor (50% working interest).

Canaguay - 1 is the first well to be drilled on the Canaguaro exploration drilling program. The well began drilling on June 3, 2010, and finished drilling at a final total depth ("TD") of 15,850 feet on August 4, 2010.

Quetzal began completion and testing operations on September 9, 2010. To date, the Une/Lower Sandstone, Gacheta, Barco and Lower Mirador intervals have been perforated and tested. The Upper Mirador - which had the majority of the indicated oil pay on the well logs - is expected to be perforated and tested in the next several weeks.