Announced late last year, the company introduced its new corporate strategy by pursuing acquisitions in the oil and gas and mineral resource sectors. Subsequent to the announcement, Vinoble released its intent to acquire a majority interest in a gold exploration property known as the Hazard Lake Property in the Red Lake District of Ontario, Canada. Additionally, the company announced its intent to acquire a minority interest in an oil and gas prospect in the Clovelly Field in southern Louisiana. Both acquisitions have been finalized.
Currently, the partners of the Clovelly Prospect have contracted Grey Wolf Corp. for their deep well drilling on the prospect known as the Allain-Lebreton Well Number 2. Progress has been released weekly on this project.
Additionally, Matrixx is in discussions with a joint venture partner to begin exploratory drilling on the Hazard Lake gold property in order to prove up reserves.
Maintaining its narrow focus on the resource sector, Matrixx said that it is working diligently in the due diligence phase with its strategic partner, Sterling Grant, on four additional oil and gas prospect candidates. The company will release specific data on these candidates as it becomes available.
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