The operator, Sunray Operating Company, LLC., plans to initiate drilling by the end of September 2006. The well will be drilled to the Frio formation at a depth of 6,700 feet, where the operator expects to gain approximately 20 feet of structure to an existing producing well known as the Fite No. 1.
Matrixx has agreed to concessions whereby reducing its ownership in the Buck Snag Prospect from 57.5% to 42.5% and its interest in the Manvel Prospect from 55% to approximately 45% in exchange for its participation in the Sand Point Prospect.
Further, the Company will file 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. Closing is expected to occur no later than September 30, 2006.
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.
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