Due to the following:
Acquire Pro-Gas ($190M in Revenues)
Share repurchase (up to 100 million shares)
Phoenix Associates Land Syndicate (Pink Sheets:PBLS) announced today that the company's Mid-South/Rome Oil & Gas Division has secured a new oil lease in Wyoming consisting of over 2080 acres. Recent geologic surveys suggest that the estimated reserves of this lease will increase the company's existing oil reserves in the state by over 162%, from 5 million barrels to approximately 13.1 million barrels.
The Company indicated that this new oil lease is located in the State of Kentucky in an area conducive to air rotary drilling. Rome Oil plans to drill five new wells on its leases in Kentucky prior to the end of 2005. The Company estimates its provable and accessible oil reserves in its Kentucky leases to be in excess of 300,000 to 500,000 BBLS.
Phoenix management anticipates that the acquisition of the residential construction company will add over $2 million in revenue and be accretive to earnings in the current fiscal year alone. These estimates do not include revenue that could be realized from the post-disaster rebuilding effort in which CNN.com, subsidiary of Time Warner (NYSE:TWX), has reported that between 140,000 and 160,000 homes need to be leveled and rebuilt in and around New Orleans.
And with the shorts needing to cover due to the share repurchase I think we will be near .50 by year end and much higher year end 2006. Next year they should get off pinks and move to bigger (less manipulated) board.
