Matrixx Resource Holdings, Inc.: Buck Snag Schiurring No. 2 Online for Sales 8:01a ET January 5, 2007 (Market Wire) Matrixx Resource Holdings, Inc. (OTCBB: MXXR), is pleased to announce that the operator, Sunray Operating Company LLC ("Sunray"), has completed the Schiurring No. 2 well at the Buck Snag prospect in Colorado County, Texas on December 18, 2006.
The well was perforated from 3812 to 3815 feet and has been producing at test rates ranging from 200 to 250 mcfd. The operator expects to complete flow tests and go online for its first sales on or before January 10, 2007.
Upon completion of all gas sales from the 3,800 foot sand, the operator anticipates perforating and producing from the 3,500 foot sand and the 2,000 foot sand. Sales from all three pay sands could reach as much as 1 BCFG.
Matrixx has a 42.5% working interest into the well. Payback is anticipated as early as six months from commencement of production, which is expected to begin on January 10, 2007. Drilling on the next Buck Snag well is expected in approximately two months.
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.
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