Matrixx Resource Holdings, Inc.
OTC Bulletin Board : MXXR

Matrixx Resource Holdings, Inc.

August 11, 2006 09:32 ET

Matrixx Resource Holdings, Inc.: Drilling Commenced on the Buck Snag Field Prospect

LOS ANGELES, CALIFORNIA--(CCNMatthews - Aug. 11, 2006) - Matrixx Resource Holdings, Inc. (OTCBB:MXXR), announced today that the well on the Buck Snag Prospect has Spudded.

Matrixx has been informed by the operator that drilling of the first well began on August 9, 2006. The No 1. Schurring well progress report as of yesterday afternoon indicated drilling to 561 feet. 8 5/8 surface casing was set to 531 feet. It is anticipated to take approximately 5 days to get to logging depth and a week to reach target depth.

The well is located on the Buck Snag interest covering 280 acres of land in Colorado County, Texas. Shallow development wells will be drilled on the property and completed to produce by-passed and attic gas reserves. The first well will be drilled to a depth of approximately 4,500 feet.

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 of 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 Information