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Avenue Group Provides Update on Agreement to Acquire Interests in Oil and Gas Acreage in Colombia

Avenue Group, Inc. (OTC BB: AVNU) reported today that it has transfered $50,000.00 to Geoproduction Oil and Gas Company LLC as a deposit pursuant to the terms of the Participation Agreement that its wholly owned subsidiary Avenue Energy, Inc. signed with Geoproduction and Ray Oil Tools, for the development of the Esperanza Block in the Lower Magdalena Basin of Northwestern Colombia.

Avenue Group expects to complete the Esperanza Block purchase and sale agreement on or before December 15, 2005. At closing, Avenue Energy is required to pay $2.7 million to earn a 45% interest in the entire contract area. The cost of drilling the Arianna Nr 1 discovery well and associated geophysical and geological work are included as part of this payment. Subsequent to the closing payment, Avenue will hold a ground floor 45% working interest in all future exploration activities subject to a series of cash payments and drilling commitments and confirmation of remaining reserves by a reputable independent engineering firm.

The closing is subject to due diligence and the raising of additional capital. No assurance can be given that the contemplated transaction will be completed or that if completed, will be profitable to Avenue Group.

About the Esperanza Block

Discovered by Exxon (Esso SA) in the 1970s. The Esperanza Block covers 45,975 hectares or approximately 114,000 acres and includes areas formerly designated as the Jobo, Tablon, Castor, Coral and Sucre Gas Fields, that have produced approximately 70 BCF of natural gas in the aggregate. Geoproduction, a Lafayette Louisiana-based company with a branch office in Bogota, and Ray Oil Tools, a Louisiana-based corporation, were awarded The Esperanza Contract in August 2004 by Colombia's Agencie Nacional de Hidrocarbures (ANH).

In August 2005, Geoproduction drilled its first well on the area, the Arianna Nr. 1. According to a report recently completed by Halliburton Inc, Arianna Nr. 1 tested capable of producing 3.5 mmcfg per day. The well is located among a number of wells drilled in the 1970s by Exxon (Esso SA) which produced at similar daily rates. Geoproduction is in the process of connecting production from the Arianna Nr. 1 well to a gas pipeline located less than two kilometers away.

About Avenue Group Inc

Avenue Group Inc. through its subsidiary Avenue Energy, Inc. is engaged in upstream oil and gas exploration and development in the Republic of Turkey. Together with the Sayer Group Avenue holds several exploration licenses including a 50% interest in the North Rubai license which is located close to the tri-nation boundary of Turkey, Iraq and Syria.

Certain statements in this announcement including statements such as "believes," "anticipates," "expects" and all similar statements regarding future expectations, objectives, intentions and plans for oil and gas exploration, development and production may be regarded as "forward-looking statements" within the meaning of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made. Management's current view and plans, however, are subject to numerous known and unknown risks, uncertainties and other factors that may cause the actual results, performance, timing or achievements of Avenue Group to be materially different from any results, performance, timing or achievements expressed or implied by such forward-looking statements. The various uncertainties, variables, and other risks include those discussed in detail in the Company's SEC filings, including the Annual Report on Form 10-KSB, for the year ended December 31, 2004 and its Quarterly Report on Form 10-Q for the period ended June 30, 2005. Avenue Group Inc. undertakes no duty to update or revise any forward-looking statements. Actual results may vary materially.

For further information, please visit our website at www.avenue-energy.com or contact Levi Mochkin at (888) 612-4188 ext 4 or Norman Singer ext 5 or email avenuegroup@gmail.com

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