SOURCE: Matrixx Resource Holdings, Inc.

October 21, 2010 13:40 ET

Sanger Heirs, Live Oak County, Texas Prospect Update

HOUSTON, TX--(Marketwire - October 21, 2010) -  Matrixx Resource Holdings, Inc. (PINKSHEETS: MXXH) and Tejones Operation Corporation enthusiastically announced today that a drilling company has been chosen for the Sanger Heirs prospect base on a turnkey bid. The drilling company and Tejones have tentatively arranged for drilling to commence in early January, subject to weather and rig availability. Tejones Operating Corporation, and Matrixx's advisor Hal Basham expressed that the strength of this prospect lies within the fact that the subsurface geology matches the 3D seismic and that the fields on the north, east, and south surrounding the prospective acreage are currently producing from those slick sands. Tejones intends to test the upper Wilcox series of sands and log at 7,850 feet. Drilling to test depth will be expected to take approximately 15 days. Through a farm-out agreement made by investors on the prospect, there have been discussions and recommendations of two additional wells to be drilled shortly after the Sanger Heirs #1.

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