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[Martin Murray]

PBLS News:

Phoenix Associates Land Syndicate Releases ProGas Acquisition Details

Friday , December 16, 2005 15:50 ET

COVINGTON, La., Dec 16, 2005 (BUSINESS WIRE) -- Phoenix Associates Land Syndicate (Pink Sheets:PBLS) today released information regarding its acquisition of ProGas, Inc., previously announced on Thursday, December 15th. Phoenix acquired the Covington, Louisiana-based Energy Services firm for a combination of cash, preferred shares and restricted shares in a transaction valued at approximately $4,500,000. Total purchase consideration consisted of $2.5 Million in-cash payable in installments, 150,000 Preferred Shares(a) and 10 Million restricted common shares at a value of $.05 per share.

ProGas, which also has offices in Houston, Texas, is a full service energy company that provides marketing solutions to Energy producers and consumers, with services including Energy supply management, Natural gas and crude oil marketing, Physical energy transportation (trucks, barges, pipelines), Physical and financial risk management, Administrative and regulatory consulting and a rapidly growing facilities financing division. According to ProGas' audited financial statements, the Company generated net income of $377,325.86 on total gross revenue of $190,353,257.50 for their latest fiscal year ended August 31st 2005.

CEO, Paul Alonzo commented, "We are confident in our ability to dramatically increase the scale and net income margins for ProGas' business going forward, particularly when coupled with our existing Oil & Gas operations and acquisition targets we are currently considering." He continued, "We are also in the process of getting all the information updated so as to make it available in the public domain so that our shareholders can access up-to-date information on select company data, including all share-related data, through any number of online investor-related resources, including Pheonix's corporate website."

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 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.

(a) The Preferred Shares have a par value of $10.00 per share, a dividend rate of 6% per annum (payable quarterly) and are redeemable by Phoenix at any time up to 5 years by cash payment at the par value or issuance of restricted common stock (at a conversion rate based upon the trailing 30-day average closing price). The sellers will also receive "piggyback" registration rights for the common stock they receive in such redemption.

SOURCE: Phoenix Associates Land Syndicate

For Phoenix Associates Land Syndicate, Covington
Osprey Partners
Mike Mulshine, 732-233-3853
[e-mail]
http://www.pbls.biz
or
Brass Bulls Corp., 866-342.2700
[e-mail]

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