SOURCE: Phoenix Associates Land Syndicate

September 19, 2005 07:00 ET

Phoenix Enters Into Irrevocable Letter of Intent to Acquire Mid-South Resources, Inc. and Rome Oil and Gas Company

COVINGTON, LA -- (MARKET WIRE) -- September 19, 2005 -- Phoenix Associates Land Syndicate (Phoenix) (OTC: PBLS), a holding company with assets in oil, sand & gravel, soil products, land development, trucking, contract hauling, swimming pool construction and construction related industries, today announced that it has fully executed an irrevocable binding letter of intent for the acquisition of Mid-South Resources, Inc., and Rome Oil and Gas Company. The final due diligence is being performed this week and the definitive acquisition agreement, based on the irrevocable binding letter of intent, is being prepared by the Company's law firm, Dickinson Wright.

Mr. Paul Alonzo, CEO and President of Phoenix, stated, "We will not be competing with the Exxon, Shell, and Texaco's of the World, but we are now a boutique for the smaller deals that are of no interest to the larger companies. There are thousands of fields and wells available to Phoenix that were not finished or shut down, and were not profitable when oil prices were between $15 and $20 per barrel. Now that the price of oil per barrel exceeds $60 these fields can be re-opened to provide oil and gas to our country." Mr. Alonzo added, "This is the reason we are jumping in to the oil and gas business, and it should be a good ride for each of you. Phoenix will apply its expertise in management, finance and growth and intends to make this division into a winner for everyone. With this acquisition we are getting producing wells, leases, lease options and wells to be re-opened."

Mr. Alonzo commented further, "Today, Monday, September 19, 2005, the Company's gravel mining operations are open and the truckers are returning. Phoenix is also gearing up its construction division because of Hurricane Katrina. There will be no shortage of real news on these three business areas in the upcoming months."

Forward-Looking Statements

This press release contains statements that are "forward looking" and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and federal securities laws. Generally, the words "expect," "intend," "estimate," "will" and similar expressions identify forward-looking statements. By their very nature, forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements, or that of our industry, to differ materially from those expressed or implied in any of our forward-looking statements. Statements in this press release regarding the Company's business or proposed business, which are not historical facts, are "forward-looking" statements that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made.

Contact Information

  • For More Information Contact:
    Ron Blackburn
    Phoenix
    (985) 845-4627
    Email Contact

    Mike Mulshine
    Osprey Partners
    (732) 233-3853
    Email Contact