Press Release Source: Matrixx Resource Holdings, Inc.
Matrixx Resource Holdings, Inc.: Weekly Drilling Update on Clovelly South Prospect
Monday July 17, 10:08 am ET
MALIBU, CALIFORNIA--(MARKET WIRE)--Jul 17, 2006 -- Matrixx Resource Holdings, Inc. (OTC BB:MXXR.OB - News), announced the Company has been notified by the operator that as of early this morning the well has reached a depth of 12,704 feet.
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Daily reports provided from the site indicate operations are continuing to remain normal. The drill rate since the last announcement is averaging 9.1feet per hour. The Company and the operator anticipate hitting the original target depth of 13,500 feet by early next week. Drilling is expected to slow between the "M" and "P" Sand depths and should be reached by early the following week. Progress and results will be updated weekly.
As previously announced, the original proposed target was to test the "M" Sand at a depth of approximately 13,500 feet with a prospective size of 3.6 million barrels of oil. After further geophysical review of a 3D Seismic survey of the property, the operator and the interest owners of the prospect and put forth a further development plan for a deeper horizon. The additional drilling target will test the "P" Sand at approximately 14,200 feet, and if successful, would significantly increase the reserves in the well to an anticipated 11 million barrels of oil for a nominal increase in the dry hole cost. A discovery would lead to the drilling of several development wells on the 1260 acre property where facilities for the production of the well are available.
While global political turmoil continues to keep oil prices near $75 per barrel and some recent analysts' reports predict that oil could reach as high as $100 a barrel in the near future, the Company is moving forward in its efforts to acquiring additional growth and investment opportunities in this natural resource sector with the intent of providing the Company and its shareholders a much-improved increase in shareholder value. The Company is focused on increasing value by means on continuing acquisitions, development projects and exploration drilling through joint venture networks.
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.
Catherine Thompson
Media & Investor Relations
(310) 456-3199
ir@mrhi.net
http://www.mrhi.net
Source: Matrixx Resource Holdings, Inc. |
