SOURCE: Palisades Petroleum

November 21, 2011 10:19 ET

Palisades Petroleum (PAPT: Pinksheets) Announces the Acquisition of Two Subsidiaries of Durst Fund LLC in Addition to a Minority Position in Avia Airlines

BALTIMORE, MD--(Marketwire - Nov 21, 2011) - Palisades Petroleum (PINKSHEETS: PAPT) is pleased to announce that it has acquired two subsidiaries of Durst Fund LLC that have a combined net worth of over $50 million and net income from last year of over $20 million. Please see our website,, for our financial statements and to read our disclaimer. The two subsidiaries are involved in Cocoa trading and the Automobile industry.

Palisades has also acquired a minority interest in Avia Airlines, Inc. that will be spun out into a separate trading vehicle within the next few months.

Brad Hayosh has resigned and the real estate transaction has been reversed. As a consequence, the shares issued and outstanding will be reduced by 3.5 billion to 1 billion within the next few weeks.

Frank Manzo has been appointed to the position of President of Palisades and Makusha Gozo has been appointed to the Chairman of the Board of Directors.

Frank Manzo states the following, "Please stay tuned for the many exciting developments to be announced shortly."

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