Brownstone Energy Inc. reports that Modiin Energy L.P., on behalf of the Gabriella License consortium, including Adira Energy Ltd. and Brownstone, has executed a detailed drilling contract with Noble International Ltd.

The Agreement provides for the drilling of the Gabriella License by the Noble Homer Farrington semi-submersible rig prior to the government regulated spud date of June 30, 2013.

Jonathan Schroeder, the Company's President, stated that, "Brownstone is pleased with the signing of the Homer Farrington rig contract and is a fundamental key in moving forward on the oil potential in offshore Israel. The Homer Farrington has drilled some of the most successful discovery wells in the Eastern Mediterranean including "Leviathan" offshore Israel and "Block 12" offshore Cyprus."

Tags: Brownstone Energy