NEW YORK, NY -- (Marketwire) -- 08/20/08 -- Avenue Group, Inc. (OTCBB: AVNU) ("AGI") is
pleased to announce that it has produced over 3,200 barrels of oil from its
50% owned Heletz-Kokhav License, part of the Heletz Field in southern
Israel ("Heletz").
Since restarting production in June, four wells have been returned to
production, with total daily production currently exceeding 65 Barrels of
Oil Per Day (32.5 BOPD net to AGI).
Three additional wells are currently awaiting the delivery and installation
of downhole pumps in preparation to returning them to production.
ABOUT AVENUE GROUP, INC.
Avenue Group, Inc. (OTCBB: AVNU) owns a 50% interest in the Heletz-Kokhav
License and a 25% interest in the Iris License which together encompass the
Heletz oilfield. The Heletz Field, Israel's only producing oil field, was
discovered in 1955 and has produced over 17 million barrels of oil to date.
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, 2007 and its Quarterly Report on Form 10-Q for the
period ended June 30, 2008. Avenue Group Inc. undertakes no duty to update
or revise any forward-looking statements. Actual results may vary
materially.
.gif)
