Matrixx Resource Holdings, Inc.
OTC Bulletin Board : MXXH

Matrixx Resource Holdings, Inc.

February 21, 2008 16:15 ET

Matrixx Acquires an Interest in a Second Offshore Oil & Gas Lease

LOS ANGELES, CALIFORNIA--(Marketwire - Feb. 21, 2008) - Matrixx Resource Holdings, Inc. (OTCBB:MXXH), announced today that it has entered into a definitive agreement whereby acquiring a 10% working interest in a second lease located in the Gulf of Mexico.

The Company announced late last year its intent to acquire five Gulf of Mexico leases. The first acquisition announced earlier this week is known as the Viosca Knoll Block 79, is a 5,760 acre lease located in 79 feet of water off the coast of Alabama. The second of such leases is known as the South Marsh Island Block 152 ("SMI 152"). SMI 152 is a 2,000 acre lease located off the coast of Louisiana in 240 feet of water.

The majority owner operator has proposed to drill three wells, the first to test the H-0, H-1, H-2, I-3, and I-4 objectives, all that have hydrocarbon indicators conforming to structure. Each sand ranges from 25 to 33 acres and 13 to 31 feet pay sand. The second of such wells is expected to test the H-1 and H-2 sands both covering 34 acres and an average net pay sand of 24 feet. The H-1 sand is the only objective for the third well. The H-1 sand has good amplitude conforming to structure over 35 acres. The H-1 sand appears to be thicker here than the other fault blocks on the lease.

Independent 3D seismic geophysical assessment performed on the lease indicates a potential discovery ranging from 11.28 BCFG and 112,800 Bbls of oil to 18.55 BCFG and 185,200 Bbls of oil. Today, natural gas prices are currently trading at approximately $8.5 million per BCFG and near $100/Bbls of oil. 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.

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 Information

  • Matrixx Resource Holdings, Inc.
    Catherine Thompson
    Media & Investor Relations
    (310) 456-1778
    (310) 456-3199 (FAX)