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MXXR (Matrixx Resource Holdings, Inc) used to be VNBL
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[QUOTE]Originally posted by J_U_ICE: [QB] Matrixx to Acquire Buck Snag Field Prospect Jul 19, 2006 8:00:00 AM LOS ANGELES, CALIFORNA -- (MARKET WIRE) -- 07/19/06 -- Matrixx Resource Holdings, Inc. (OTCBB: MXXR) announced today that it has agreed in principle to acquire a majority interest in the Oil and Gas Prospect known as the Buck Snag Field Prospect. The agreement calls for Matrixx to acquire an undivided 57% 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. Drilling is expected to begin approximately August 15, 2006. Recoverable reserves for the project are estimated at 2 to 3 BCFG (Billion Cubic Feet of Gas). Net drilling cost is expected at $170,000 and net completion cost is expected to be at $160,000. Closing on this acquisition is expected within 15 days. Matrixx will continue to seek additional opportunities to add value to its property holdings through acquisition. Matrixx believes that these additional assets will provide the Company and its shareholders a much-improved increase in shareholder value. Further, the Company will be filing the required forms and exhibits with the SEC and sending notice to shareholders on a timely basis. Terms and conditions of the transaction will also be provided in the aforementioned notices. 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. Contacts: Matrixx Resource Holdings, Inc. Catherine Thompson Media & Investor Relations (310) 456-3199 (310) 456-1778 (FAX) ir*mrhi.net [URL=http://www.mrhi.net]www.mrhi.net[/URL] [/QB][/QUOTE]
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