Well it topped out at .04 and settled back to .03. News out today just before market close.
http://biz.yahoo.com/iw/060706/0141914.html
MADISONVILLE, LA -- (MARKET WIRE) -- 07/06/06 -- Phoenix Associates Land Syndic
te
(PINKSHEETS: PBLS) (
www.pbls.biz) herein presents selected financial and
operational data, for the benefit of its shareholders, as it progresses
with its independent audit of 2004 & 2005.
Revenues for the full-year 2005, if full year participation of 2005
acquisitions was assumed, increased to $165,971,862, up strongly from
$465,452 in 2004.
Operational and Other Recent Highlights:
-- Phoenix announced on June 20th that it completed the acquisition of
TCB Properties, U.S. Inc., a Florida corporation.
-- Phoenix announced on June 20th that it filed a corporate action with
the Nevada Secretary of State to increase its authorized shares of common
stock from 997 million shares to 1.75 billion, and to increase its
authorized shares of preferred stock from 3 million to 250 million.
-- Phoenix's Board of Directors on June 19th issued a clarification of
its stock repurchase program and announced it would repurchase up to one
hundred million shares at a price of $0.03 per share.
-- Phoenix announced on April 26th that it has completed a stock
repurchase program announced last November 9th with the buy back of more
than 110 million shares of its common stock and announced it would continue
the stock repurchase program for an unlimited number of shares of Phoenix
Common Stock.
-- Phoenix announced on May 23rd the recent approval by the US Army Corps
of Engineers of aggregate products from the Company's Murphy Sand & Gravel
reserves for use in the rebuilding of the Greater New Orleans area and the
Gulf region.
-- Phoenix announced on May 2nd it had acquired three Texas-based
oilfield companies; Sam's Oil Country Inspection Services, Inc., CM Ideal
Energy Services, Inc. and CM Ideal Energy Directional Drilling Services,
Inc.; businesses that are expected to contribute revenues of approximately
$11 million in 2006 with operating profits of approximately $2 million.
-- Phoenix announced on December 15th the acquisition of ProGas, Inc. of
Covington, LA, a natural gas and oil marketing company.
Paul Alonzo, President and CEO of Phoenix, stated, "I am very pleased with
the strong growth of our Company over the last year. We at Phoenix believe
that our business model has made it possible to grow rapidly in 2005 &
2006, and to continue on our path to becoming a much stronger company in
the chosen business sectors being pursued. Our philosophy of growth, to
buy, buy, buy, and then buy some more, is the philosophy that made it
possible for us to grow from under a million in revenues in 2004 to more
than $165 million in revenues in 2005. This is terrific growth by any
measure."
Mr. Alonzo added, "Our balance sheet continues to strengthen as a result of
the strong operational performances through our assembled companies. Our
net cash balances exceeded $6.6 million at the end of 2005, showing a
healthy trend."
Financial Highlights and Comments:
The Company's financial data is prepared in accordance with Generally
Accepted Accounting Principals (GAAP). The audit of 2004 & 2005 data is in
progress and will, upon completion, fulfill SEC and SOX requirements for
publicly traded companies, even though Phoenix is not currently required to
conduct this level of audit.
The following items will be helpful in understanding the financial and
operational status of the company:
-- Net cash balances, total cash and cash equivalents, on December 31,
2005 totaled $6,649,963 compared to $ Nil on December 31, 2004.
-- Murphy Sand & Gravel is located on 820 acres in Pearl River, LA.
-- Dr. Gordon P. Boutwell, Jr., PhD, PE, Senior Consultant for Soil
Testing Engineers, Inc. (STE, Inc.) has provided documentation valuing
mineral deposits of Murphy Sand and Gravel at $189,600,000 minimum and in
excess of $300,000,000 maximum.
-- The land lease for Murphy Sand & Gravel is carried at acquisition
cost. Should a revaluation of this asset occur a new valuation could be
considerably higher than what is currently indicated.
-- The total exploration land leases consist of 2,075 acres in Natrona
County, WY; 880 acres in Carbon County, WY; 7,868 acres in White Pine
County, NV; 329 acres in Fentress and Pickett Counties, TN; 283 acres in
Adair County, KY; and 122 acres in Clinton County, KY.
-- Land leases for exploration are reflected on the books of the Company
at acquisition cost. It is felt that this is the most conservative method
of valuing these assets. Current market valuation could be considerably
higher than acquisition costs.
-- The Rome Oil/Mid South division of Phoenix currently has several
completed wells pumping a total of approximately 12 - 15 barrels of oil per
day on Company leases in the state of Kentucky. The Company has chosen not
to book these reserves pending further geological and reservoir engineering
studies.
-- Phoenix purchased its corporate office building in late 2005. It is
carried on the balance sheet at cost, plus modifications and improvements.
It is our feeling that the market value of this property is significantly
greater than the purchase cost. An appraisal will be requested and
valuation will be adjusted accordingly. There is no mortgage attached to
this property.
-- Phoenix currently has no institutional related long term debt.
Though Phoenix has chosen not to put a value on its oil reserves, the
following points are worthy of note:
-- The Company's leases in Natrona County, WY, entitled S.E. Burke Ranch,
are in close proximity to Salt Creek Field (660.5 mmbo) and the Teapot Dome
Naval Reserve (26.4 mmbo). Other successful drilling has occurred in close
proximity to these leases. John J. Wanner C.P.E. and James O. Breene, Jr.,
Geologist, through communication and research, estimate reserves to be in
excess of 8,100,000 barrels minimum and 13,100,000 barrels maximum. At $60
per barrel, valuation is $486,000,000 minimum and $786,000,000 maximum.
-- The Company's leases in Carbon County, WY, entitled Shirley Anticline
Prospect, are located on the extreme southwest flank of the Shirley Basin
in southeast central WY. Considerable drilling activity has taken place in
the surrounding areas and substantial finds have occurred for both oil and
natural gas. James O. Breene, Geologist, estimates reserves in the Shirley
Anticline Prospect lease area to be approximately 5,000,000 barrels minimum
and 10,000,000 barrels maximum. At $60 per barrel, valuation is
$300,000,000 minimum and $600,000,000 maximum.
-- The Company's leases in White Pine County, NV, entitled Cabin Spring
Prospect, are located in Long Valley, in the northwest part of the county
in east central NV. In addition to surface and subsurface geological and
geophysical information, a 5 mile proprietary seismic line and 25 sq. mi.
of proprietary gravity data were used to define the prospect. Successful
exploration in the region has resulted in the discovery of fields in the
range of 5 to 20 million barrels, primary recovery. Don E. French,
Geologist and John Vreeland, Geophysicist, estimate total reserves at the
Cabin Spring Prospect lease area to be estimated conservatively at
20,000,000 barrels minimum and 50,000,000 barrels maximum. At $60 per
barrel, valuation is $1,200,000,000 minimum and $3,000,000,000 maximum.
About Phoenix Associates Land Syndicate (PBLS)
Phoenix Associates Land Syndicate (PBLS) is a public holding company, with
hundreds of 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, trucking, contract hauling,
construction, swimming pool construction and construction related
industries. For more information, visit
www.pbls.biz.
Forward-Looking Statements
BLS.PK - News), a holding company with 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, announced today that Rome Oil & Gas, a subsidiary, has applied for and received a drilling permit for a 7,500-ft wildcat well targeting Dakota on the southwestern flank of the Powder River Basin.
