Taken from http://sotnw.wetpaint.com/rss2_0/pageReport/updated

Feel free to write me – Rildiz – ingame so I can update it if you have found more of theese ^^

To start the hengestone quest, go and talk to the hengestone manager inside roboldeoux pioneering support centre. You must be level 40 to intiate the quest. You can touch them before the quest, but they will not count as found. I touched about 4-5 of them on my travels and It said I found my first one when I touched the one in Porto bello. So do not hunt for them until starting this quest.

There is/should be a hengestone on every overworld map, apart from towns & cities.

There should be a total of 50 hedgestones, because the compensation list has items for up to 50 hedgestones.

Compensation List: (Listed here for completiviness)

===10 Hengestones===

1. Warp Scroll (20)
2. Elemental Orb (50)
3. Megaphone (50)
4. Integration box (50)
5. Enchant chip level 68 (3)
6. Level 30 EXP card (9)
7. Golden Coupon (2)

===20 Hengestones===

1. Cinquedea (1)
2. Level 40 EXP card (9)
3. Bracelet of Hellfire (1)
4. Unicorn Rod (1)
5. Brown Bess 34 (1)
6. Enchant chip level 72 (3)
7. Knightsword (1)

===30 Hengestones===

1. Violent Shooting Star Ring (1)
2. Might Staff (1)
3. Box of Bellem (10)
4. Jambiya (1)
5. Level 60 EXP card (9)
6. Enchant chip level 76 (3)
7. Studded-Leather Armor (1)

===40 Hengestones===

1. Into ###### Ring (1)
2. Mysterious Amber (10)
3. Platinum Coupon (2)
4. Rod of Darkness (1)
5. Persqabz (1)
6. Enchant chip level 80 (3)
7. Leranja e Pretol (1)

===50 Hengestones===

1. R.I.P Ring (1)
2. Mysterious amber (10)
3. Box of Bellem (10)
4. Diamond Coupon (1)
5. Albaes (1)
6. Enchant Chip level 84 (3)
7. Bracelet of Neptune (1)

Pillar locations:
Here is the list of pillars (Lvl order) that were found throughout the journey of Granado Espada. Newly discovered Hedgestones will get a *NEW* at the end for a time of ard 1 week. Enjoy.

1.     Queen’s gate I2, at the top right most corner of minimap
2.   Stone Pit C2, near jacks house [1-4]
3.   Ferructio Junction H9, hiding in the small ledge [4-7]
4.   Al Quelt Moreza H7, near the fountain [7-10]
5.   Al Quelt Moreza Nartex b/w D8 and C8, behind one of the pillars [10-12]
6.   Cathari Falls F9, SW bottom of cliff [17-19]
7.   King’s Garden F6, walk down slope and turn left [19-22]
8.   Tetra Hill H9, Cave room where u can go to the other super high lvl area [22-24]
9.   Tetra Ruins F9, in a very small corner at the side of the ruined building [24-26]
10.   Jezebel Glen H6, near colony orb [34-36]
11.   Porto Bello G6, next to waypoint [36-38]
12.   Porto Bello Deck J6, 2nd last square room [38-41]
13.   Porto Bello Deserted Quay E1, next to gateway to Desolate Cliff [46-48]
14.   Thueringenward G4, Inside stone circle [48-50]
15.   Porto Bello Desolate cliff H5, about 15m away from the nearest cliffs [48-53]
16.   El Largo de Tres Hermanas/Lake of 3 Sisters I7, NW edge under hill [50-53]
17.   Theuringen Lakeside D6, across the river of the golden well
18.   Dr. Torsche’s Mansion: Savage Garden G3, On the side of the mansion [53-55]
19.   El Tejado Verde F8 [55-60]
20.   Pradera de ceniza E3 [60-62]
21.   Rion Prairie H3 [62-65]
22.   Bonavista River F5, positioned in one narrow corner [65-67]
23.   The Crater of Joaquin H7, top of the middle crater [65-70]
24.   Lava Plateau of Joaquin F2, Right next to waypoint [70-72]
25.   Prison de Joaquin, The Mohrgus E5, in the middle of a circle marking [72-74]
26.   El canon de Diabolica G2, next to cliffs [78-85]
27.   El Ruina Memoria E9 [???]
28.   Vegas Javier F2 [???]
29.   Ustiur, Zona Uno G6/G7, within the trees [??-86]
30.   Ustiur Zona Dos E11 [level 86 above]
31.   Lago Celeste E3 [???]

Total Hedgestones: 31