SOURCE: Avenue Group, Inc.

July 15, 2008 09:16 ET

Heletz Field Production Update

NEW YORK, NY--(Marketwire - July 15, 2008) - Avenue Group, Inc. (OTCBB: AVNU) ("AGI"), with its wholly owned Israel subsidiary, Avenue Energy Israel LTD. ("AEI"), is pleased to announce that it has produced over 1,300 barrels of oil from its 50% owned Heletz-Kokhav License, part of the Heletz Field in southern Israel ("Heletz"). Since restarting production on June 12, 2008, three wells have been returned to production with total daily production exceeding 60 Barrels of Oil Per Day (30 BOPD net to AEI). Three additional wells are being prepared to return to production over the next few weeks.

Levi Mochkin, AGI's Chief Executive Officer, commented:

"We are very pleased with the production rates from Heletz and the overall progress of the Heletz Field redevelopment project."


Avenue Group, Inc. (OTCBB: AVNU) 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 the acquisition of low risk oil and gas reserves and the generation of low risk drilling opportunities.

Avenue owns a 50% interest in the Heletz-Kokhav License and a 25% interest in the Iris License which together encompass the Heletz oilfield. The Heletz Field, Israel's only producing oil field, was discovered in 1955 and has produced over 17 million barrels of oil to date.

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, 2007 and its Quarterly Report on Form 10-Q for the period ended March 31, 2008. Avenue Group, Inc. undertakes no duty to update or revise any forward-looking statements. Actual results may vary materially.

For further information, please visit our website at or contact Levi Mochkin at (888) 612-4188 ext 4 or email

Contact Information