Phoenix Associates Land Syndicate Closes Acquisition of ProGas, Inc. and Clarifies Statements about Nevada Oil Lease
COVINGTON, La., Dec 15, 2005 (BUSINESS WIRE) -- Phoenix Associates Land
Syndicate (Pink Sheets:PBLS) announced today it has closed on its acquisition of
Covington, Louisiana based ProGas, Inc. The transaction, which was concluded on
Wednesday, is expected to add significant production and distribution capacity
to Phoenix's energy businesses on an ongoing basis. ProGas, which also has
offices in Houston, Texas, has reported audited revenues in excess of
$190,000,000 for the past fiscal year (y.e. 8/31/05).
Paul Alonzo, CEO of Phoenix stated, "We are very happy to have finalized this
transaction. Along with the intrinsic value of ProGas' business operations, the
Company is also fortunate to be gaining a talented, extremely knowledgeable and
dedicated team in Oil & Gas operations that will undoubtedly enhance the
Company's future position in those markets."
The Company issued a clarification of an inadvertent error contained in the
Company's December 7th press release entitled, "Phoenix Associates Land
Syndicate Acquires New Oil Lease in Nevada, Increasing Total Estimated Oil
Reserves by Over 433%". In the Release, CEO Paul Alonzo was quoted as having
stated that, "A producing well in close proximity to our new Nevada leasehold is
currently producing in excess of 15,000 barrels of oil per day." The statement
should have read, "Based on data collected from a third-party geologic study, a
producing formation in close proximity to our new Nevada leasehold is believed
to have current production capacity of approximately 15,000 barrels of oil per
day."
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 business sectors and is aggressively
acquiring synergistic businesses in order to rapidly build capacity.
Forward-Looking Statements
This press release contains statements, which may constitute "forward-looking
statements" within the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act
of 1995. Those statements include statements regarding the intent, belief or
current expectations of Phoenix Associates Land Syndicate, and members of its
management as well as the assumptions on which such statements are based.
Prospective investors are cautioned that any such forward-looking statements are
not guarantees of future performance and involve risks and uncertainties, and
that actual results may differ materially from those contemplated by such
forward-looking statements. The Company undertakes no obligation to update or
revise forward-looking statements to reflect changed assumptions, the occurrence
of unanticipated events or changes to future operating results.
SOURCE: Phoenix Associates Land Syndicate
CONTACT: For Phoenix Associates Land Syndicate, CovingtonOsprey PartnersMike Mulshine, 732-233-3853 osprey57@optonline.net or Brass Bulls Corp., 866-342.2700matthew@brassbulls.com
Copyright Business Wire 2005
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KEYWORD: United States
North America
Louisiana
INDUSTRY KEYWORD: Energy
Oil/Gas
Other Energy
Transport
Trucking
Other Transport
Construction & Property
Commercial Building & Real Estate
Other Construction & Property
SUBJECT CODE: Merger/Acquisition
