NEWS
COVINGTON, La., Dec 09, 2005 (BUSINESS WIRE) -- Phoenix Associates Land Syndicate (Pinksheets:PBLS) announced today that the company's Mid-South/Rome Oil & Gas Division has acquired a new Oil & Gas lease property located in White Pines County Nevada in an all-cash transaction. The lease, consisting of over 7871 acres, represents the company's third lease acquisition outside of its existing properties located in Kentucky and Wyoming. Recent geologic surveys suggest estimated reserves for this lease of approximately 50 million barrels, increasing the company's total existing estimated oil reserves by over 433%, from 15 million total barrels to approximately 65 million total barrels. With the company's 30-day sales average of $54.00 per barrel, total unrealized value of the Company's total estimated oil reserves now exceeds $3.5 Billion USD.
Paul Alonzo, CEO of Phoenix, stated, "We are pleased to be able to introduce this leasehold into our ever-deepening portfolio of oil & gas properties. A producing well in close proximity to our new Nevada leasehold is currently producing in excess of 15,000 barrels of oil per day." He continued, "As such, we are planning to quickly deploy the resources necessary to drill and bring new wells on that property online as soon as possible."
About Phoenix Associates Land Syndicate
Phoenix Associates Land Syndicate, through its wholly-owned subsidiaries, is engaged in the natural resource development, commercial transportation, real estate development and diversified construction businesses. Current company assets include oil leasehold and drilling operations, sand and gravel quarry and mining operations, a contract hauling trucking fleet, diversified construction operations and land-development leaseholds. The Company is experiencing significant organic growth in each of these businesses and is aggressively pursuing synergistic businesses in order to rapidly build capacity.
