diff --git a/oslo/concurrency/__init__.py b/oslo/concurrency/__init__.py
index afd4685..b73c33f 100644
--- a/oslo/concurrency/__init__.py
+++ b/oslo/concurrency/__init__.py
@@ -22,7 +22,7 @@ def deprecated():
         ('The oslo namespace package is deprecated. Please use %s instead.' %
          new_name),
         DeprecationWarning,
-        stacklevel=1,
+        stacklevel=3,
     )
 
 
diff --git a/tests/test_warning.py b/tests/test_warning.py
index ba1c4df..ec71e0c 100644
--- a/tests/test_warning.py
+++ b/tests/test_warning.py
@@ -11,9 +11,12 @@
 #    under the License.
 
 import imp
+import os
+import warnings
 
 import mock
 from oslotest import base as test_base
+import six
 
 
 class DeprecationWarningTest(test_base.BaseTestCase):
@@ -27,3 +30,32 @@ class DeprecationWarningTest(test_base.BaseTestCase):
         self.assertIn('oslo_concurrency', args[0][0])
         self.assertIn('deprecated', args[0][0])
         self.assertTrue(issubclass(args[0][1], DeprecationWarning))
+
+    def test_real_warning(self):
+        with warnings.catch_warnings(record=True) as warning_msgs:
+            warnings.resetwarnings()
+            warnings.simplefilter('always', DeprecationWarning)
+            import oslo.concurrency
+
+            # Use a separate function to get the stack level correct
+            # so we know the message points back to this file. This
+            # corresponds to an import or reload, which isn't working
+            # inside the test under Python 3.3. That may be due to a
+            # difference in the import implementation not triggering
+            # warnings properly when the module is reloaded, or
+            # because the warnings module is mostly implemented in C
+            # and something isn't cleanly resetting the global state
+            # used to track whether a warning needs to be
+            # emitted. Whatever the cause, we definitely see the
+            # warnings.warn() being invoked on a reload (see the test
+            # above) and warnings are reported on the console when we
+            # run the tests. A simpler test script run outside of
+            # testr does correctly report the warnings.
+            def foo():
+                oslo.concurrency.deprecated()
+
+            foo()
+            self.assertEqual(1, len(warning_msgs))
+            msg = warning_msgs[0]
+            self.assertIn('oslo_concurrency', six.text_type(msg.message))
+            self.assertEqual('test_warning.py', os.path.basename(msg.filename))