NEW YORK, NY--(MARKET WIRE)--Aug 20, 2008 -- Avenue Group, Inc. (OTC BB:AVNU.OB - News) ("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. (OTC BB:AVNU.OB - News) 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.

For further information, please visit our website at www.avenuegroupinc.com or contact Levi Mochkin at (888) 612-4188 ext 4 or email IR@avenuegroupinc.com

     Contact:
      
     Levi Mochkin
     (888) 612-4188 ext 4
     email: IR@avenuegroupinc.com