Phoenix Enters Into Irrevocable Letter of Intent to Acquire Mid-South Resources, Inc. and Rome Oil and Gas Company
COVINGTON, LA -- (MARKET WIRE) -- 09/19/2005 -- 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."
For More Information Contact:
Ron Blackburn
Phoenix
(985) 845-4627
Email Contact
Mike Mulshine
Osprey Partners
(732) 233-3853
Email Contact
SOURCE: Phoenix Associates Land Syndicate
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