Phoenix Associates Land Syndicate (fka PBLSQ)

[viki]

MADISONVILLE, LA, Nov 01, 2007 (MARKET WIRE via COMTEX) -- Phoenix Associates
Land Syndicate (Phoenix) (PINKSHEETS: PBLS) today announced its financial
results for the first nine months of 2007. The Company reported consolidated
(unaudited) revenues for the nine months ended September 30, 2007 of
$117,449,444, with pretax income of $5,727,287.

Paul Alonzo, President and CEO of Phoenix, commented, "Phoenix consolidated
operating results for the first nine months of 2007 remained solid despite
several major hurdles and obstacles that we had to overcome. We are aggressively
moving forward in order to put these events behind us and we look forward to
completing 2007 on solid ground."

Mr. Alonzo added, "Phoenix is devoting the necessary time, talent and resources
to make 2008 a successful year. In just a couple of years, Phoenix has grown
from revenues of several hundred thousand dollars to the multi-million dollar
entity it is today. Our management team will continue to focus on solid growth
opportunities, managing current operations in an efficient manner and
re-structuring all levels of operations so as to provide maximum shareholder
value."

Phoenix will be providing these operating results to Pink Sheets on a timely
basis in keeping with its intention to keep shareholders informed of our
progress.





Phoenix Associates Land Syndicate, Inc.

Consolidated Balance Sheet - (Unaudited)

September 30, 2007 and December 31, 2006

at 9/30/07 at 12/31/06

----------- -----------

ASSETS

Current Assets

Cash and Cash Equivalents 433,017 9,202,005

Accounts receivable - net 2,017,063 4,496,621

Inventories 11,973,017 13,041,050

----------- -----------

Total Current Assets 14,423,097 26,739,676

Other Assets

Investment 22,150,000 18,250,088

Prepaid Expenses 397,742 282,047

Goodwill 14,817,050 13,232,540

Oil Reserves 0 0

Land Leases 1,402,840 1,402,840

----------- -----------

Total Other Assets 38,767,632 33,167,515

Fixed Assets

Buildings 728,000 728,000

Land 225,000 225,000

Real Estate Holdings 11,002,642 11,002,642

Building Improvements 538,615 412,268

Machinery & Equipment 9,947,212 9,397,825

Furniture & Fixtures 230,088 177,065

Leasehold Improvements 18,549,000 18,549,000

Mineral Reserves 47,550,000 47,550,000

Vehicles 324,086 275,531

Less: Accum Depletion (19,240,590) (16,015,635)

Less: Accum Depreciation (8,151,896) (6,780,821)

----------- -----------

Total Fixed Assets - Net 61,702,157 65,520,875

TOTAL ASSETS 114,892,886 125,428,066

=========== ===========

LIABILITIES & SHAREHOLDERS' EQUITY

Current Liabilities 10,474,989 28,543,162

Long Term Liabilities 14,180,729 4,107,000

Shareholders' Equity

Stock & Paid in Capital 75,824,191 84,113,032

Unrealized Market Gain / (Loss) 6,377 (14,441)

Retained Earnings 8,679,313 (158)

Income / (Loss) 5,727,287 8,679,471

----------- -----------

90,237,168 92,777,904

TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 114,892,886 125,428,066

=========== ===========

Notes: 1) Current Liabilities contain a reserve of $3,000,000 for potential

liabilities which may or may not result from the planned sale of

ProGas.

2) Long Term Liabilities contain a reserve of $2,000,000 for

potential liabilities which may or may not result from the

planned sale of ProGas.

3) The above data is compiled internally by management.

Phoenix Associates Land Syndicate, Inc.

Consolidated Statement of Operations (Unaudited)

Nine Months Ended

September 30, 2007

------------------

Revenues 117,449,444

Costs of Goods Sold 98,357,136

------------------

Gross Profit 19,092,308

Operating Expenses 8,808,676

Operating Profit . (Loss) before 10,283,632

Depr, Amort, Depl, Interest & Tax

Depr, Amort, Depl, Interest & Tax 4,596,064

Other Income / (Expenses) 39,719

Income / (Loss) -- PreTax 5,727,287

==================

Notes: 1) 3rd quarter results contain no revenues from the ProGas

subsidiary.

2) The above data was prepared internally by management.



About Phoenix Associates Land Syndicate

Phoenix Associates Land Syndicate (PBLS) is a public holding company, with
thousands of 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 aviation, 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 that are "forward looking" and are made
pursuant to the Safe Harbor provisions of the Private Securities Litigation
Reform Act of 1995 and federal securities laws. Generally, the words "expect,"
"intend," "estimate," "will" and similar expressions identify forward-looking
statements. By their very nature, forward-looking statements are subject to
known and unknown risks and uncertainties that may cause our actual results,
performance or achievements, or that of our industry, to differ materially from
those expressed or implied in any of our forward-looking statements. Statements
in this press release regarding the Company's business or proposed business,
which are not historical facts, are "forward-looking" statements that involve
risks and uncertainties, such as estimates and statements that describe the
Company's future plans, objectives or goals, including words to the effect that
the Company or management expects a stated condition or result to occur. Since
forward-looking statements address future events and conditions, by their very
nature, they involve inherent risks and uncertainties. Actual results in each
case could differ materially from those currently anticipated in such
statements. Investors are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date they are made.





For More Information Contact:

Mike Mulshine

Osprey Partners

[phone]

[e-mail]





SOURCE: Phoenix Associates Land Syndicate




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