Brownstone Energy Inc. has agreed to sell its 25% oil and gas participating interest in the Canaguaro Block in the Llanos Basin in Colombia to Petrominerales Ltd.

Petrominerales will pay Brownstone a total of US$6.0 million in cash for its 25% private participating interest, subject to customary post-closing price adjustments. The sale is expected to be completed in the next 30 days, subject to the satisfaction of certain closing conditions, including receipt of regulatory and other approvals.

Following the sale of its interest in the Canaguaro block, Brownstone will continue to hold its private participating interests in two other blocks in the Llanos basin of Colombia - LLA27 and LLA 36 - and its option on block LLA21.

Tags: Brownstone Energy