The story has not changed for me. Still a great looking investment. I think we will see more and more of the PR like we just had.
COVINGTON, LA, Jan 10, 2006 (MARKET WIRE via COMTEX) -- Phoenix Associates Land Syndicate (Phoenix) (PBLS) is pleased to announce that Rome Oil hit oil on one of its three Kentucky leases over the recent holiday. According to C. G. Collins, Petroleum Engineer, "Each well could produce as much as 15,000 to 18,000 barrels of oil over its life. This expected production is in addition to what has already been recovered on this lease."
Rome Oil and Gas Company recently drilled two wells and hit oil in each well, which are "on the Rodgers Brothers 173 acre oil and gas lease located in the Flatwood area of Adair County, Kentucky. Adair County is located in south-central Kentucky," according to John Barksdale, President of Rome Oil, a subsidiary of Phoenix Associates Land Syndicate. Mr. Barksdale stated, "We plan to drill between 5-10 additional wells on this lease."
According to Paul Alonzo, CEO of Phoenix, "Each additional well that we drill and hit oil allows Phoenix to further develop its drilling and exploration program. When the snow melts in the spring, we plan to drill on each of our two Wyoming leases and as our team expands in the spring and summer of 2006, we plan to drill on our Nevada lease in addition to continued drilling on our Kentucky leases. Each of the six Phoenix leases, which total over 11,500 acres, is expected to allow Phoenix to further expand its oil and gas division."
I like the fact that Kolwalski came on board, ProGas is closed and the lingering dispute has been resolved. There are a lot of good reasons to hold onto this stock. We are in the top half of the first inning of this game.
