MATRIXX RESOURCE HLD (MXXR.OB) (Ex-Vinoble)
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Matrixx Resource Holdings, Inc.: Sandy Point Update
Tuesday March 27, 2:17 pm ET
LOS ANGELES, CALIFORNIA--(MARKET WIRE)--Mar 27, 2007 -- Matrixx Resource Holdings, Inc. (OTC BB:MXXR.OB - News) announced today that the Fite No. 3 well at Sandy Point is drilling at 3,876 feet.
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The Company has been notified by the operator that, as of early this morning, drilling has reached a depth of 3,876 feet. Drilling began Friday, March 23 and is expected to take approximately 10 days to reach the target depth of 7,000 feet. Upon reaching target depth, the well will be logged, and should there be a discovery, completed. This process will take an additional few days.
The Sandy Point Field, located in Brazoria County, was discovered in 1937, and 60 acres yielded 665,000 BO from the 2nd Frio sand. Also, in the nearby W. Sandy Point Field, the Shepperd No.1 Fite has produced 250,000 BO, and 150 MMCFG, from the 1st and 2nd and 3rd Frio sands.
The Express No.1 Fite re-established production in Sandy Point Field in 2002. The 1st Frio sand has gas-on-oil and the 2nd Frio sand (the main pay in Sandy Point Field) has good oil shows in cuttings and sidewall cores.
3-D Seismic, along with well control, confirm that the Express well discovered a new, productive structure. However, the No. 1 Fite well is located low or flankish on the structure. The objective of the Fite No. 3 well is to drill to the 6,700 to 7,000 depth and find structural advantage on the order of magnitude of 10' to 20' over the No. 1 well. The results should be a 1st Frio gas sand of 10' net pay thickness, and 2nd Frio oil sand of 10' net pay thickness. The recoverables attributable to such a development well are estimated to be 0.4 BCFG and 500,000 BO.
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 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, competitive factors, timing, and other risks described in the Company's SEC reports and filings.
Contact:
Contacts:
Matrixx Resource Holdings, Inc.
Konstantine Tsakumis
Media & Investor Relations
(347) 647-1508
Email: ir@mrhi.net
Website: http://www.mrhi.net
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Source: Matrixx Resource Holdings, Inc.
neue aktien rausgegeben?
jemand wollte günstig rein oder zukaufen??
Ich hoffe das entpuppt sich diesmal als Aufwärtstrend und nich nur wieder ne Zuckung.
Es wäre die beste Zeit für good news
Matrixx Resource Holdings, Inc.: Drilling Update
Thursday April 5, 8:00 pm ET
LOS ANGELES, CALIFORNIA--(MARKET WIRE)--Apr 5, 2007 -- Matrixx Resource Holdings, Inc. (OTC BB:MXXR.OB - News), announced today that operator and Matrixx plan to re-complete the Buck Snag Schuirring No. 2 well. Additionally, the Company has been informed that the Fite No. 3 well at Sandy Point was unsuccessful.
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The Company has been notified by the operator regarding the drilling of the Fite No. 3 well at Sandy Point. Drilling reached target depth of 6,700 feet Monday. The well was logged and found the frio sands 10' below the Fite No. 1, however, logging was unsuccessful at locating any discoveries.
Further, Matrixx was informed that the Schuirring No. 2 at Buck Snag will be re-completed at the shallower pay sand and will be back online for sales.
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 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, competitive factors, timing, and other risks described in the Company's SEC reports and filings.
Contact:
Contacts:
Matrixx Resource Holdings, Inc.
Konstantine Tsakumis
Media & Investor Relations
(347) 647-1508
Email: ir@mrhi.net
Website: http://www.mrhi.net
Source: Matrixx Resource Holdings, Inc.
Geological Value
General: The Clovelly Field is a late piercement salt dome that traps hydrocarbon from Late to M iddle M iocene time. The field has produced in excess of 30 M M BO and 200 GCFG since its discovery in 1950. Reservoirs typically exhibit moderate water drives and benefit from water and/or gas injection. Stone has redeveloped the eastern flank of the field with additional drilling and water injection. Similar opportunities exist here at our proposed location.
Prospect: The ORX Allain-Lebreton #2 will test an upthrown 3-way closure with multiple targets. Objectives range from the Cib Carst Sand at about 12000' M D through the Lower Tex W ( M Sand) at about 13000' with possibilities of a deeper P Sand objective. The prospect os upthrown to a regional East-West trending faultsystem that traps production at Kings Ridge and Coffee Bay on bothupthrown and downthrown sides of the fault.
Geologic Framework and History
Clovelly Field is trapped by a nearly vertical salt mass which moved subsequent to M iddle M iocene Tex W sand deposition. Very little gouge is seen surrounding the salt, and it is typical in the few deeper salt penetrations to see a normal sediment sequence abruptly terminated by salt. A number of shallow caprock/salt penetrations lie on the crest of the dome at depths of 1100-1200 feet. Four salt penetrations from 11380 to 13220 around the dome document extremely steep dips on the salt face.
Minimal thinning is seen in the Tex W section while some thinning occurs in Cib carst along with growth in the interval on radial faults associated with uplift. Accumulation is erratic and localized in shallower pay sands from Bigenerina 2 through Tex W. The vast majority of production comes from the M Sand of lower Tex W (TP-l) age and the P Sand series of lowermost Tex W age. No production exists to date in the Bigenerina humblei sands, although shows have been encountered on the west flank and oil pay was tested on the southeast flank
of the dome.
Field production from the M Sand exceeds 25 M M BO and 120 BCFG. Extremely long hydrocarbon columns are seen around the dome broken into segments by radial faulting. It is notable that gas content of the fault segments increases from low GOR (<1000-1) oil production with no gas cap in the south flank to oil with gas caps on the east and west flanks to gas/condensate reservoirs on the north flank with GOR exceeding 100,000-1. It is felt that as the salt mass moved upward activating radial faulting, oil migrated from the south and filtered through the faulting, producing the noted GOR gradient.
Prior to salt movement, growth on the southern prospect fault (Fault I/J) precipitated extreme sediment accumulation in the downthrown block with expansion of section across the fault exceeding 300%. It is probable that this extreme loading and downwarping initiated localized salt movement at Clovelly to the north upthrown to the depositional fault. It is felt that oil initially migrated up this active fault into north dipping traps on the high side of the fault (South Clovelly Prospects). Activity on the I/J system terminated prior to deposition of the
massive Big 2 Sands, ensuring integrity of the trap. Later uplift to the north created local dip reversal and tilted the oil bearing reservoirs away from the salt core causing migration around the dome and GOR ''filtering'' through radial faulting.
Similar migration along this system to the east caused oil and gas to be trapped on the Kings Ridge/Coffee Bay structural ridge. It is unknown where the fault trends to the west past the township line where seismic control ends, but both stratigraphic and structural accumulations at Bully Camp Field in the Tex W section and shallower could have been sourced by migration along this system. Lack of accumulation at the culmination of the north dipping beds off Fault I/J to the south at the Golden M eadow Fault is a result of late movement on that fault charging numerous shallow (2000'-6000') reservoirs at Golden M eadow Field. This is
coupled with juxtaposition of potential deep pays against massive Big 2/Cib carst expanded sands downthrown, allowing movement of hydrocarbons across the fault into downthrown structural closure.
Plus 500,000 barrels of oil in the PUD. At $65.00 a barrel that ain't too shabby, about $32,500,000.00, of which 5% belongs to MXXR.
Together just these two known and proven reserves total $67,500,000.00.
And if the 11,000,000 barrels are there that makes $715,000,000.00.
And 5% for MXXR equals $35,750,000.00 or book of about $0.17 a share, of course as oil goes up all of this goes up too.
The two proven reserves gives us a book value of about $0.017 a share.
So I think we are at below book value at this time based on the two first issues.�