Matrixx to Acquire Two Additional Oil Prospects
2006-08-29 08:00 ET - News Release
LOS ANGELES, CALIFORNIA -- (MARKET WIRE) -- 08/29/06
Matrixx Resource Holdings, Inc. (OTCBB: MXXR) announced today that it has agreed in principle to acquire a majority interest in two Oil and Gas Prospects known as the Manvel 2000 Foot Miocene Exploration Prospect and the Manvel 4500 foot Oakville Developmental Prospect.
The agreement calls for Matrixx to acquire an undivided 55% working interest in the Manvel Miocene covering 160 acres of land and an additional undivided 55% working interest covering 60 acres of land in the Manvel Oakville, both of which are located in Brazoria County, Texas.
Shallow exploratory wells will be drilled on the Manvel Miocene property to a depth of approximately 2,000 feet. A series of shallow development wells will be drilled on the Manvel Oakville prospect to a depth of 4,500 feet to test offsetting and updip to an already producing Davis No.1 well.
Drilling is expected to begin before year end 2006. Recoverable reserves for the two projects are estimated at 500,000 Bbls (500,000 barrels) of oil for each of the prospects. Net drilling cost is expected at $100,000 and net $170,000 respectively.
Additional information describing these and other prospects previously announced by Matrixx will be forthcoming in a letter by the Company to its Shareholders.
Matrixx will continue to seek additional opportunities to add value to its property holdings through acquisition. Matrixx believes that these additional assets will provide the Company and its shareholders a much-improved increase in shareholder value. Further, the Company will be filing the required forms and exhibits with the SEC and sending notice to shareholders on a timely basis. Terms and conditions of the transaction will also be provided in the aforementioned notices. Closing is expected to occur no later than September 15, 2006.
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.
Contacts:
Matrixx Resource Holdings, Inc.
Catherine Thompson
Media & Investor Relations
(310) 456-3199
(310) 456-1778 (FAX)
ir@mrhi.net
www.mrhi.net
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