Press Release Source: Matrixx Resource Holdings, Inc.
Matrixx Resource Holdings, Inc.: Buck Snag Schiurring No. 2 Well Successful
Friday December 8, 12:15 am ET
LOS ANGELES, CALIFORNIA--(MARKET WIRE)--Dec 8, 2006 -- Matrixx Resource Holdings, Inc. (OTC BB:MXXR.OB - News) is pleased to announce that the operator, Sunray Operating Company LLC ("Sunray"), has completed drilling of the Schiurring No. 2 well at the Buck Snag prospect in Colorado County, Texas. The well reached a total depth of 4,406 feet and logged apparent gas pays in three reservoirs. Casing has been set and cemented and the completion of the well as a dual-zone gas producer will commence next week.
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The "3,800 ft-sand" appears productive from 3,812 ft to 3,827 ft. A formation test recovered 37 cubic feet of gas and cores further confirmed the presence of gas.
The "3,500 ft-sand" appears productive from 3,525 ft to 3,530 ft. The formation test at 3526 ft recovered 21 cu ft of gas and core samples at this depth further confirmed the presence of gas.
The "2,000 ft-sand" appears productive from 2,035 ft to 2,040 ft and does not appear to be associated with free water despite the recovery of some water on a formation test at 2,035 ft which recovered 11 cubic feet of gas.
Reserve and daily gas flow information will be announced subsequent to compilation of additional data from the site.
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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