OTCBB ALERTS

[stockstoretire]

PBLS:

Phoenix Associates to Acquire Three Texas-Based Oilfield Companies




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Wed Mar 29 09:31:05 2006 EST

COVINGTON, LA, Mar 29, 2006 (MARKET WIRE via COMTEX) -- Phoenix Associates Land
Syndicate (OTC: PBLS) today announced that it has entered into a binding letter
of agreement to acquire three Texas-based oilfield companies, Sam's Oil Country
Inspection Services, Inc., CM Ideal Energy, Inc. and Ideal Energy Directional
Drilling Services, Inc. The closing of these transactions is tentatively set
between April 14th and May 1st , 2006 and is subject to the standard conditions
to closing on such transactions, including satisfactory conclusion to the
Company's due diligence review.

Paul Alonzo, President and CEO of Phoenix, said, "We are pleased to be able to
continue the growth of our company through strategic acquisitions. These three
companies are providers of much needed services to the oil exploration field and
will contribute to the strength of our Phoenix Oil and Gas Division. Based on
information provided to Phoenix by the sellers, we anticipate that these
acquisitions will contribute revenues of approximately $11 million and operating
profits of approximately $1.9 million for 2006. More complete information about
these companies and the terms of the transactions will be released after the
closings."

Sam's Oil Country, located in Kilgore, Texas, inspects wellheads and other parts
of the well that are critical to successful and safe drilling operations. CM
Ideal Energy Services is a rental company that rents down hole drilling motors
and equipment. The third company, Ideal Energy Directional Drilling, is a
rapidly expanding drilling company with an experienced staff of directional
drillers and planning support personnel. The combined capabilities of these
companies will provide the Phoenix Oil and Gas Division with new resources and
experienced management to support the Company's continued growth in the oil and
gas field.

About Phoenix Associates Land Syndicate (PBLS)

Phoenix Associates Land Syndicate (PBLS) is a public holding company, with over
5,700 stockholders, that has purchased motivated companies in order to enhance
its assets and income basis. Since 1978, PBLS has developed assets and/or
interests in sand & gravel, soil products, land development, oil and natural
gas, commodity brokering, plumbing, trucking, contract hauling, construction,
swimming pool construction and construction related industries. For more
information, visit www.pbls.biz

Forward-Looking Statements

This press release contains statements, which may constitute "forward-looking
statements" within the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act
of 1995. Those statements include statements regarding the intent, belief or
current expectations of Phoenix Associates, and members of its management as
well as the assumptions on which such statements are based. Prospective
investors are cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and uncertainties, and that
actual results may differ materially from those contemplated by such
forward-looking statements. Important factors currently known to management that
could cause actual results to differ materially from those in forward-statements
include fluctuation of operating results, the ability to compete successfully
and the ability to complete before-mentioned transactions. The company
undertakes no obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events or changes
to future operating results.


Contact:
Osprey Partners
Mike Mulshine
732-292-0982
Contact via http://www.marketwire.com/mw/emailprcntct?id=FA4C2A0D66D19866


SOURCE: Phoenix Associates Land Syndicate


Copyright 2006 Market Wire, All rights reserved.


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SUBJECT CODE: Energy and Utilities:Oil and Gas
Real Estate and Construction:Construction
Manufacturing and Production:Mining and Metals

29-Mar-2006 09:30

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