Matrixx Resource Holdings, Inc.
OTC Bulletin Board : MXXR

Matrixx Resource Holdings, Inc.

October 23, 2006 16:00 ET

Matrixx Finalizes Acquisition

LOS ANGELES, CALIFORNIA--(CCNMatthews - Oct. 23, 2006) - Matrixx Resource Holdings, Inc. (OTCBB:MXXR), announced today that it has completed the transaction whereby acquiring a minority interest in two Oil and Gas Prospects known as the Manvel 2000 Foot Miocene Exploration Prospect and the Manvel 4500 foot Oakville Developmental Prospect.

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 Manvell 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 for each of the prospects. Net drilling cost is expected at $170,000 and net $100,000 respectively.

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 provided information surrounding this transaction in the 10K filed with the SEC on October 13, 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.

Contact Information

  • Matrixx Resource Holdings, Inc.
    Konstantine Tsakumis
    Media & Investor Relations
    (347) 647-1508