Avenue Group Provides Update on Heletz Field Production in Southern Israel

Wednesday, August 20, 2008

Avenue Energy Inc. announces 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.

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