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Phoenix Provides Update on Oil Drilling Program

Phoenix Associates Land Syndicate (Phoenix) (OTC: PBLS) is pleased to announce that Rome Oil hit oil on one of its three Kentucky leases over the recent holiday. According to C. G. Collins, Petroleum Engineer, "Each well could produce as much as 15,000 to 18,000 barrels of oil over its life. This expected production is in addition to what has already been recovered on this lease."

Rome Oil and Gas Company recently drilled two wells and hit oil in each well, which are "on the Rodgers Brothers 173 acre oil and gas lease located in the Flatwood area of Adair County, Kentucky. Adair County is located in south-central Kentucky," according to John Barksdale, President of Rome Oil, a subsidiary of Phoenix Associates Land Syndicate. Mr. Barksdale stated, "We plan to drill between 5-10 additional wells on this lease."

According to Paul Alonzo, CEO of Phoenix, "Each additional well that we drill and hit oil allows Phoenix to further develop its drilling and exploration program. When the snow melts in the spring, we plan to drill on each of our two Wyoming leases and as our team expands in the spring and summer of 2006, we plan to drill on our Nevada lease in addition to continued drilling on our Kentucky leases. Each of the six Phoenix leases, which total over 11,500 acres, is expected to allow Phoenix to further expand its oil and gas division."

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 Land Syndicate 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-looking 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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