PBLS NEWS!!!
Phoenix Acquires Oil Lease in Wyoming for Its Mid-South/Rome Oil & Gas Division
Nov 3, 2005 11:55:00 AM
COVINGTON, LA -- (MARKET WIRE) -- 11/03/05 -- Phoenix Associates Land Syndicate (Phoenix) (OTC: PBLS), a holding company with assets in oil, sand & gravel, soil products, land development, trucking, contract hauling, swimming pool construction and construction related industries, announced today it has acquired another new oil lease for its Mid-South/Rome Oil and Gas Division.
The Company indicated that this new oil lease is located in the State of Wyoming and consists of 880 acres. Estimated reserves on this lease are approximately 5 million barrels of oil. This lease was acquired for a cash payment. No stock either common or preferred was used to acquire this lease.
The company has plans to drill a test well on this property prior to year-end and, assuming satisfactory test results, expects to drill a minimum of nine production wells on Geological structure with a possible maximum of 22 wells.
Rome Oil is currently selling its oil at a PPB of $52-$57 based on the previous 30 days of oil sales.
Currently Rome Oil & Gas Co. has 18 wells that are producing between 5BBL/day to 50 BBL/day each, with an average production of 26 BBL/day per well, a rate of production that is expected to increase as the new wells come on line.
Paul Alonzo, President and CEO of Phoenix, stated, "We are very pleased with the rapid growth of Mid-South/Rome Oil & Gas. Additionally our sand, gravel and construction businesses continue to grow daily."
