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Phoenix Associates Land Syndicate Closes Acquisition of ProGas, Inc. and Clarifies Statements about Nevada Oil Lease
Dec 15, 2005 8:56:00 AM
Copyright Business Wire 2005
COVINGTON, La.--(BUSINESS WIRE)--Dec. 15, 2005--

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



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For Phoenix Associates Land Syndicate
Covington
Osprey Partners
Mike Mulshine
732-233-3853
[e-mail]
or
Brass Bulls Corp.
866-342.2700
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