SOURCE: Avenue Group, Inc.

January 22, 2007 11:22 ET

Avenue Group Announces Corporate and Operations Update

NEW YORK, NY -- (MARKET WIRE) -- January 22, 2007 --Avenue Group, Inc. (OTCBB: AVNU) announced that the operator of Avenue's Appalachia 2006 LP has successfully completed drilling its second well in Doddridge County, WV. The recently completed well open flow tested at the rate of 225,000 cubic feet of gas per day and is expected to go on stream in February 2007 at approximately 35,000 to 50,000 cubic feet of gas per day.

The successful completion of the second well of the Appalachia 2006 program follows the success of the first well in the program, which has been hooked up into the sales line at 45 mcf per day.

CORPRATE UPDATE

Avenue Group announced today that Norman Singer has resigned as a Director and Officer of the Company. Mr. Singer will remain an Officer of the Company's Avenue Appalachia 2006-A LP and will continue to advise the Company on oil and gas matters.

ABOUT AVENUE GROUP INC

Avenue Group, Inc. (OTCBB: AVNU) through its subsidiary Avenue Energy, Inc. is engaged in the exploration and development of oil and gas reserves. Its strategy is to acquire a portfolio of oil and gas assets that include low risk oil and gas reserves internationally and the generation of low risk drilling opportunities in Appalachia and similar basins in the US.

Certain statements in this announcement including statements such as "believes," "anticipates," "expects" and all similar statements regarding future expectations, objectives, intentions and plans for oil and gas exploration, development and production may be regarded as "forward-looking statements" within the meaning of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made. Management's current view and plans, however, are subject to numerous known and unknown risks, uncertainties and other factors that may cause the actual results, performance, timing or achievements of Avenue Group to be materially different from any results, performance, timing or achievements expressed or implied by such forward-looking statements. The various uncertainties, variables, and other risks include those discussed in detail in the Company's SEC filings, including the Annual Report on Form 10-KSB, for the year ended December 31, 2005 and its Quarterly Report on Form 10-Q for the period ended September 30, 2006. Avenue Group Inc. undertakes no duty to update or revise any forward-looking statements. Actual results may vary materially.

Contact Information

  • Contact:

    Levi Mochkin
    President & CEO
    avnu@llmau.com
    (888) 612-4188 ext 4