SOURCE: Matrixx Resource Holdings, Inc.

November 15, 2010 10:57 ET

Matrixx Resource Holdings, Inc. Wilcox Formation, South Texas Update

HOUSTON, TX--(Marketwire - November 15, 2010) - Matrixx Resource Holdings, Inc. (PINKSHEETS: MXXH) announces an update on the Sanger Heirs #1 Lease and the Wilcox Formation. 

The Sanger Heirs #1 well, anticipated to spud as previously announced in Q1 of 2011, sits on the Wilcox Sands. Said sands that Matrixx will encounter in this area are very prolific producers and do not require any type of stimulation to get the maximum reserves from the reservoirs. Matrixx and Tejones expect to encounter multiple pay zones in the aforementioned well as much as 60 to 100 feet of pay. 

Matrixx holds a fifty percent (50%) interest on an 82.2 acre lease mineral rights on the Wilcox formation, known as the Sanger Heirs. The Wilcox formation is known to produce an average of 600 barrels of oil per acre foot. For example, in 2007, the US Geological Survey estimated that there are 110 million barrels of un-discovered oil, and approximately 3 trillion cubit feet of gas and over 500 million barrels of natural gas liquids through out the Wilcox formation.

Matrixx announced on August, 2010 there is a high probability of a Slick Sand that will have a productive column of gas of 40 to 50 feet at the top of the structure with an additional 20 foot plus of pay sand. The sand may produce as much as 60 to 100 foot of pay.

USGS data provided proving an average of 600 bbls per acre foot on 100 foot of potential pay over 82.2 acres provides for a potential of six million bbls over the lifetime. Conservative expectations are for 80 percent gas and 20 percent oil and condensates over the pay zones over the lifetime on the well.

At current estimates, 20 percent on 82.2 acres and 20 feet of pay along with 80 feet of potential gas is approximately 8 BCF of Gas and 986,400 bbls of oil.

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.

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