HOUSTON, TX -- (Marketwire) -- 02/15/11 -- Matrixx Resource Holdings, Inc. (PINKSHEETS: MXXH) is pleased to announce that it has finalized and closed on the transaction to acquire a 25% interest in the 82.2 acre lease known as the Sanger Heirs Prospect in Live Oak County, Texas.
As previously announced, 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.
Plans with the operator are to begin preparing the site as soon as practicable, with transporting the rig on site immediately thereafter. Additional updates will be made as they become available. Additional information on this transaction will be filed on form 8K, Item 2.01 under Completion of Acquisition of Assets.
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.