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Phoenix Acquires Oil Lease in Wyoming for Its Mid-South/Rome Oil & Gas Division
- Market Wire

COVINGTON, LA, Nov 03, 2005 (MARKET WIRE via COMTEX) -- Phoenix Associates Land Syndicate (Phoenix) , 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."

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, forwarding-looking statements are subject to know 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 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]


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