SOURCE: Phoenix Associates Land Syndicate

March 29, 2006 09:30 ET

Phoenix Associates to Acquire Three Texas-Based Oilfield Companies

COVINGTON, LA -- (MARKET WIRE) -- March 29, 2006 -- Phoenix Associates Land Syndicate (OTC: PBLS) today announced that it has entered into a binding letter of agreement to acquire three Texas-based oilfield companies, Sam's Oil Country Inspection Services, Inc., CM Ideal Energy, Inc. and Ideal Energy Directional Drilling Services, Inc. The closing of these transactions is tentatively set between April 14th and May 1st , 2006 and is subject to the standard conditions to closing on such transactions, including satisfactory conclusion to the Company's due diligence review.

Paul Alonzo, President and CEO of Phoenix, said, "We are pleased to be able to continue the growth of our company through strategic acquisitions. These three companies are providers of much needed services to the oil exploration field and will contribute to the strength of our Phoenix Oil and Gas Division. Based on information provided to Phoenix by the sellers, we anticipate that these acquisitions will contribute revenues of approximately $11 million and operating profits of approximately $1.9 million for 2006. More complete information about these companies and the terms of the transactions will be released after the closings."

Sam's Oil Country, located in Kilgore, Texas, inspects wellheads and other parts of the well that are critical to successful and safe drilling operations. CM Ideal Energy Services is a rental company that rents down hole drilling motors and equipment. The third company, Ideal Energy Directional Drilling, is a rapidly expanding drilling company with an experienced staff of directional drillers and planning support personnel. The combined capabilities of these companies will provide the Phoenix Oil and Gas Division with new resources and experienced management to support the Company's continued growth in the oil and gas field.

About Phoenix Associates Land Syndicate (PBLS)

Phoenix Associates Land Syndicate (PBLS) is a public holding company, with over 5,700 stockholders, that has purchased motivated companies in order to enhance its assets and income basis. Since 1978, PBLS has developed assets and/or interests in sand & gravel, soil products, land development, oil and natural gas, commodity brokering, plumbing, trucking, contract hauling, construction, swimming pool construction and construction related industries. For more information, visit www.pbls.biz

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, 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. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. 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.

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