Press Release Source: Matrixx Resource Holdings, Inc.
Matrixx Resource Holdings, Inc.: Drilling to Begin at Sandy Point
Wednesday November 1, 3:26 pm ET
LOS ANGELES, CALIFORNIA--(MARKET WIRE)--Nov 1, 2006 -- Matrixx Resource Holdings, Inc. (OTC BB:MXXR.OB - News) announced today that drilling on the Sandy Point Prospect, located in Brazoria County, Texas, is expected to commence within the next two weeks.
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The Company was notified yesterday by the operator, Sunray Operating Company, LLC, that it has secured a drilling rig. Additionally, Sunray has begun to prepare the location to accommodate the drilling rig and drilling operations.
The well, known as the Fite No. 3, will be drilled to the Frio formation to a depth of 6,700 to 7,000 feet, where the operator expects to gain approximately 20 feet of structure to an existing producing well known as the Fite No. 1. Sunray considers this to be a high potential location with gross possible reserves of 225,000 barrels of oil and 400 million cubic feet of gas.
Matrixx holds a 10% working interest in the prospect. Drilling cost of the well is expected to be approximately $442,000. Fite No. 3's close proximity to the currently producing Fite No. 1 well will provide for minimal completion costs. The Company's DHC (dry hole cost) associated with this endeavor has already been paid.
Matrixx has remained steadfast in its efforts in acquiring growth and investment opportunities in the oil and gas sector with the intent of providing the Company and its shareholders a much-improved increase in shareholder value. Additionally, the Company is now positioned to aggressively exploit its properties to accelerate cash flow and to provide rapid returns on its investments in the oil and gas sector.
Safe Harbor Statement: This press release contains forward-looking statements as defined in The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan", "confident that", "believe", "scheduled", "expect", or "intend to", and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties, and actual results may differ materially from those expressed in any forward-looking statement. Such risks and uncertainties include, but are not limited to, the ability of Matrixx to complete the proposed acquisition(s), the results of Matrixx's due diligence review of the candidate(s), the success of the business of the acquisition candidate(s), including the ability of Matrixx to continue to sell the applicable products and the acceptance of those newly designed products by the market, market conditions, the general acceptance of the Company's products and technologies, competitive factors, timing, and other risks described in the Company's SEC reports and filings.
Contact:
Contacts:
Matrixx Resource Holdings, Inc.
Konstantine Tsakumis
Media & Investor Relations
(347) 647-1508
Email: ir@mrhi.net
Website: http://www.mrhi.net
Source: Matrixx Resource Holdings, Inc.
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