Matrixx to Acquire Buck Snag Field Prospect

Matrixx Resource Holdings, Inc. on Wednesday said 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.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Business Development Manager
Expertise: Business Development
Location: Houston, TX
Project Controls Analyst
Expertise: Project Management
Location: Corpus Christi, 
United States Bakersfield: Technical Advisor, PSL-Sales & Services
Expertise: Business Development|Marketing|Sales
Location: Bakersfield, CA
search for more jobs

Brent Crude Oil : $51.87/BBL 0.40%
Light Crude Oil : $47.64/BBL 0.56%
Natural Gas : $2.94/MMBtu 0.67%
Updated in last 24 hours