Matrixx Resource Holdings, Inc.
OTC Bulletin Board : MXXR

Matrixx Resource Holdings, Inc.

December 04, 2006 14:59 ET

Matrixx Resource Holdings, Inc.: Drilling Update

LOS ANGELES, CALIFORNIA--(CCNMatthews - Dec. 4, 2006) - Matrixx Resource Holdings, Inc. (OTCBB:MXXR) announced today that drilling on the Buck Snag Prospect, located in Colorado County, Texas, has reached a depth of 3,480 feet.

The Company was notified today by the operator, Sunray Operating Company, LLC, that the drilling rig on the Buck Snag site has reached a depth this morning of 3,480 feet. The well will be drilled to a depth of 4,400 feet to test the suite of sands on the prospect. Depth is expected to be reached late Tuesday night or early Wednesday morning. Once target depth is reached the well will be logged and should there be a discovery, completed.

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. Additionally, the Company is now positioned to aggressively exploit its properties to accelerate cash flow and to provide rapid returns on its investments in the oil and gas sector.

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