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Press Release Source: Matrixx Resource Holdings, Inc.
Matrixx Resource Holdings, Inc.: Weekly Drilling Update on Clovelly South Prospect
Friday August 4, 8:00 am ET
LOS ANGELES, CALIFORNIA--(MARKET WIRE)--Aug 4, 2006 -- Matrixx Resource Holdings, Inc. (OTC BB:MXXR.OB - News) announced today that we have encountered a charged sand at 14,280 feet, which is believed to be a stringer sand located approximately 50 feet above the anticipated "M" sand.
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Seven inch protective casing is currently being set to protect the hole after the operator has elevated mud weight to 12.6 pounds per gallon to contain the pressure while circulating gas out of the hole.
The well is nearing its objective and the operator of the well reported on August 3, 2006 that a "drilling break" was encountered from 14,275 feet to 14,280 feet. A "drilling break" is defined as encountering "reservoir quality sand" and pressure, in this case, gas is entering the well bore.
It is anticipated that another 200 feet will be drilled to get through the objective "M" sand. Drilling may proceed to 14,700 feet if necessary to complete the objective.
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
(310) 456-1778 (FAX)
ir@mrhi.net
http://www.mrhi.net
Source: Matrixx Resource Holdings, Inc. |
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