ENCINO, Calif., Feb. 14, 2005 (PRIMEZONE) -- Avenue Group, Inc. (OTCBB:AVNU) announced today the election of Norman J. Singer and Ambassador Uri Bar Ner to its Board of Directors.
Norman Singer, a graduate of Columbia Law School and the Fletcher School of Law and Diplomacy has had a long and distinguished career in both the international and domestic oil industry. He began his career as international counsel to Oceanic Exploration Company in 1969 after serving with the Ford Foundation in East Africa. Prior to leaving Oceanic he rose to Executive Vice President and General Counsel. In 1980 he left to found Pextech Energy Company, a Houston based E&P company and two years later, Anadarko Land & Exploration Company, a sister company based in Tulsa, Oklahoma. Subsequently, he served as Chairman and CEO of Pexco, N.V. an international exploration company with offices in Los Angeles and in southeast Asia.
Ambassador Uri Bar Ner has had a long and distinguished career in Israel's foreign service. He is a former Ambassador to Turkey, where Avenue has several significant exploration properties. He has held senior diplomatic positions in the United States, Europe and Asia and is a former Deputy Director General of the Israel Ministry of Foreign Affairs. He holds a masters degree in political science from Emory University in Atlanta, Georgia and a bachelors degree from Hebrew University in Jerusalem.
Levi Mochkin, President and Chief Executive Officer of Avenue said, "One of our strategic goals is to expand our international presence in oil and gas upstream activities while at the same time building by acquisition a strong cash flow from domestic U.S. or Canadian producing properties. We believe that Norman's extensive thirty year career in the international oil exploration industry plus his understanding of domestic oil markets will allow him to play an exciting and creative role in helping Avenue achieve these goals. At the same time, Ambassador Uri Bar Ner's experience as a former Ambassador to Turkey and as a senior diplomat who held key positions in Europe and America brings a new depth of understanding of international commerce and politics. This will prove invaluable to our board particularly as we continue to explore and develop our acreage position in Turkey."
Avenue also announced the resignation of Jonathan Herzog who resigned as a Director and as an officer of the Avenue effective February 7, 2005.
Mr. Mochkin added, "We would like to thank Jonathan Herzog for his contributions to the Company over the past several years and wish him well in his future endeavors."
Avenue Energy, Inc. a subsidiary of Avenue Group Inc. engages in upstream oil and gas exploration and development. Together with the Sayer Group in Ankara, it holds exploration and production properties throughout Turkey, including a 15% participating interest in the Karakalise leases located in the Diyarbakir Petroleum District of southeast Turkey. The Karakalise Nr.1 has been producing high grade light crude oil since September, 2003. The Karakalise Nr 2 has been spudded and suspended pending the end of the winter season. Avenue also holds a 50% interst in the North Rubai license and the Gercus license both of which are located close to the tri-nation boundary of Turkey, Iraq and Syria and believed to be extensions of the Arabian Basin.
Certain information contained in this Press Release are considered forward looking statements within the meaning of the Private Securities Litigation Act of 1995 (the "Act"), which became law in December, 1995. In order to obtain the benefits of the "safe harbor" provisions of the Act for any such forward-looking statements, we wish to caution investors and prospective investors about significant factors which, among others, have in some cases affected our actual results and are in the future likely to affect our actual results and cause them to differ materially from those expressed in any such forward-looking statements. This Press Release contains forward-looking statements relating to future operational and business prospects. Actual results may differ as a result of factors over which we have no control, including general economic and business conditions; effects of war or terrorists acts on the capital markets or the Company's activities, including oil and gas exploration and production. The Company's results may also be affected by competition; success of operating initiatives; operating costs; advertising and promotional efforts; the existence or absence of adverse publicity; changes in business strategy or development plans, the work at the Karakilise and other licenses and the workovers at the Kahta license, any additional activities at these licenses suggested by the operator, the ability to retain management; availability, terms and deployment of capital; business abilities and judgment of personnel; availability of qualified personnel; labor and employment benefit costs; changes in, or failure to comply with various government regulations; slower than anticipated completion of research and development projects and movements in the foreign exchange rate. Future results with respect to oil and gas properties would be subject to the timing and amount of capital expenditures by us; drilling of wells; timing and amount of future production of oil and gas; operating costs and other expenses; cash flow and anticipated liquidity; prospect development and property acquisitions; and our marketing of oil and gas. Other factors include, among others: oil and gas price volatility; our ability to find, acquire, market, develop and produce new properties; the risks associated with acquisitions and exploration; operating hazards attendant to the oil and gas business; downhole drilling and completion risks that are generally not recoverable from third parties or insurance; uncertainties in the estimation of proved reserves and in the projection of future rates of production and timing of development expenditures; potential mechanical failure or underperformance of significant wells; the strength and financial resources of our competitors and our ability to find and retain skilled personnel.