Matrix Oil & Gas has acquired a 100 percent gross working interest in South Marsh Island 49 from Unocal. South Marsh Island is located in the central area of the U.S. Gulf of Mexico. Mr. Robin R. Mingo, Matrix President and Chief Executive Officer, stated, "This acquisition typifies our strategy of acquiring properties that possess significant current production and upside potential. One of our key strengths is converting non-producing reserves to producing. This field has multiple projects that will allow us to materially increase production above the current rate of approximately 6,000 mcf per day." Matrix is an independent energy company focused on the acquisition and exploitation of producing oil and gas properties in the Gulf of Mexico. From its corporate offices in Covington, Louisiana, Matrix operates 22 federal and state leases. Matrix has operated in the federal offshore since 1992.