Avenue Exercises the ``Kahta Option'' in Turkey.

Business Editors

SHERMAN OAKS, Calif.--(BUSINESS WIRE)--Nov. 13, 2003

Avenue Group, Inc. (OTCBB:AVNU)(Frankfurt:ITQ) (the "Company") announced today that its wholly-owned subsidiary, Avenue Energy, Inc. ("Avenue"), had exercised an option under its Farmin and Participation Agreement, as amended, in the Republic of Turkey, enabling it to require the operator, Aladdin Middle East Ltd. ("AME"), to workover up to 5 existing production wells and drill up to 3 new wells in the Kahta Lease (the "Kahta Wells") prior to November 14, 2004.

Under the Kahta Option, AME has agreed to conduct the workover operations at a fixed turnkey price of US$150,000 per well and drilling operations at a fixed turnkey price of US$400,000 per well. Avenue must pay the applicable turnkey price 30 days before the commencement of work on any well. AME has also agreed to put Avenue's Kahta Wells on immediate production, at its own cost, and to arrange for the sale, transportation and delivery of such production at the prevailing price for Kahta crude at a turnkey operating cost of US$2 per barrel and a turnkey trucking cost of US$1 per barrel.

Ninety-five percent of any net sales receipts derived from production from Avenue's Kahta Wells are payable to Avenue by way of recovery of the US$2.75 million it contributed to the drilling, completion and abandonment of the Tosun-1 well and recovery of amounts paid by Avenue in respect of the turnkey cost of the workover and drilling of Avenue's Kahta Wells (up to a maximum of US$1.95 million). Avenue has not yet determined when or if it will request AME to commence any workover or drilling operations with respect to the Kahta Wells or the extent of revenue, if any, that will be generated by such activities.

Once Avenue recovers its investment in the Tosun-1 well and its costs of its Kahta Wells, the ongoing net sales receipts derived from the Kahta Wells will be shared between Avenue, AME and the remaining participant under the Farmin and Participation Agreement 45%, 45% and 10%, respectively.

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 [e-mail].

CAUTIONARY SAFE HARBOR STATEMENT UNDER THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Certain information contained in this Press Release are 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, the Company wishes to caution investors and prospective investors about significant factors which, among others, have in some cases affected the Company's actual results and are in the future likely to affect the Company's 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 financial results. Actual results may differ as a result of factors over which the Company has 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, competition and ability to gain market acceptance of products; success of its operating and investment initiatives; including its oil and gas exploration and drilling initiatives, operating costs; fluctuation in oil and gas prices, advertising and promotional efforts; the existence or absence of adverse publicity; changes in business strategy or development plans and the Company's ability to successfully implement such strategies and business plans; the ability to retain management; its ability to obtain financing for its ongoing operations or proposed initiatives; availability, terms and deployment of capital; particularly insofar as it relates to our ability to fully and timely fund our share of the costs of the exploration and development work at the Karakilise and other licenses and the workovers at the Kahta license, any additional activities at these licenses suggested by the operator, and the costs of the exercise of additional rights we have in Turkey, and the 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; illiquidity of its securities and volatility in the trading price of its securities, and other risks listed from time to time in reports filed with the Securities and Exchange Commission, which factors are incorporated herein by reference. This Press Release is not an offer to sell or a solicitation of an offer to buy any securities of the Company. Any such solicitation or offer may only be made through a prospectus which has been approved by the Securities and Exchange Commission in the states in which such solicitation or offer has been approved.

For additional information about Avenue Group, Inc., please see our website at http://www.avenuegroupinc.com.