ENCINO, Calif., March 29 /PRNewswire-FirstCall/ -- Avenue Energy, Inc.
("Avenue"), a wholly owned subsidiary of Avenue Group Inc. (OTC Bulletin
Board: AVNU) (Frankfurt: ITQ) (the "Company") announced today that it has
recently engaged Dr. John Scott, Managing Director of the independent
consulting firm, PGA Consultants Pty. Ltd. to evaluate the North Rubai reefal
prospect in SE Turkey in a group of leases where Avenue Energy currently holds
a 50% participating interest.
    Dr. Scott founded Petroleum Geological Analysis Ltd (PGAL) in Reading,
England in 1979.  This company has undertaken a large number of multi-client
regional exploration evaluations (for examples see http://www.pgal.co.uk).  In
addition to these reports available for purchase by the exploration industry,
PGAL and Dr. Scott undertake confidential appraisals and projects for clients
in both exploration and development geology.  These consulting projects have
been completed in numerous basins and areas in Europe (particularly onshore
UK, onshore Western Europe and off-shore Norway), the Arctic, the
Mediterranean, the United States, the Middle East, Africa, Southeast Asia and
Australia.
    Commenting on the report, Avenue's Director of Exploration, Dr. Jaap Poll
said, "Avenue has a solid acreage position in some of the most productive
basins in Turkey including the Turkish portion of the Arabian Basin. The
Arabian Basin covers the main oil and gas producing areas of Yemen, Oman, the
United Arab Emirates, Qatar, Bahrain, Saudi Arabia, Kuwait, Iran, Iraq and
Syria, which together contain about 65% of the world's known oil reserves. In
addition, Avenue also has the right until May 2006, to acquire up to a 50%
interest in any future applications for oil and gas exploration licenses,
which may be made by the Sayer Group in Turkey.   It is an important step for
Avenue to have this eminent independent geologist who is a expert on the
petroleum geology of the region, evaluate this exciting prospect. The North
Rubai prospect is located close to the tri-nation boundary point of Turkey,
Iraq and Syria and is in a favorable geological setting and on trend with
several giant oil structures in the region."

    I.  Technical Overview
    Turkey straddles the oil-rich Middle East and the energy hungry European
Union (EU). The South-East Turkey region forms the north flank of the Arabian
Basin, and lies adjacent to the major oilfield belt of Iraq, Iran and Syria.
Only approximately 1,400 exploration and appraisal wells have been drilled in
the whole country since 1961. The Turkish portion of the Arabian Basin is less
explored with fewer wells per acre drilled than in the rest of the Arabian
Basin.

    About Avenue Energy
    Avenue engages in oil and gas exploration and development. It has a 50%
participation interest in the Karakilise-1 well in the Diyarbakir Petroleum
District of southeast Turkey which as been producing high grade light crude
oil since September, 2003.   Avenue holds   interests in petroleum licenses
and leases, which constitutes one of the largest non-government owned
petroleum exploration and production acreage spreads in Turkey.  Avenue's
Arabian Basin licenses and leases are located on a fairway of producing
oilfields of SE Turkey (including Turkey's largest oilfield, the Raman Field)
and the producing oilfields of north eastern Syria and north western Iraq.

    About Aladdin Middle East
    AME is a member of the Sayer group of companies ("the Sayer Group"). Over
the past 20 years the Sayer Group has built up a well-established fully
integrated oil and gas group based in Turkey, with offices in Wichita, Kansas,
U.S.A. It has been engaged in exploration and production activities in Turkey
since 1962. The Sayer Group own and operate their own API rated drilling and
workover rigs, seismic and oilfield equipment, cementing and fraccing units
and a fleet of tanker trucks. AME is also a member of IADC (the International
Association of Drilling Contractors).
    The technical content of this release was provided by Avenue's Director of
Exploration, Dr Jaap Poll, a Certified Member of the American Association of
Petroleum Geologists (AAPG) and a Distinguished Member of the Petroleum
Exploration Society of Australia (PESA). For technical information, please
contact jaappoll@ozemail.com.au

    Certain information contained in this Press Release is 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; 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 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 which could affect our results with respect to its future
oil and gas operation are the consummation of our acquisition of an interest
in Anzoil (Thailand) Pty Ltd and the timing of such transaction. These other
factors include, among others: general economic conditions; 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.

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