$$ Vinoble Ausbruch! $$
Matrixx Resource Holdings, Inc.: Drilling to Continue at Clovelly
2006-08-30 04:00 ET - News Release
LOS ANGELES, CALIFORNIA -- (MARKET WIRE) -- 08/30/06
Matrixx Resource Holdings, Inc. (OTCBB: MXXR), announced today that it has met with the operator late last week to discuss the status and options surrounding the Allain-Lebreton No.2 well on the Clovelly Prospect.
After carefully reviewing the available options, it has been determined at this point to initiate several courses of action. Certain discoveries and findings previously announced while drilling the No. 2 well has caused drilling a "twin" hole to become a certain and viable option. A twin hole is described as drilling a well adjacent to an existing well, such as the No. 2 well. Additionally, for economical feasibility, it is planned to drill as soon as practicable, an additional well known as a PUD (Proven, Undeveloped) well up-structure to a target depth of 12,500. The PUD recoverable reserves are estimated at 250,000 barrels of oil with an upward potential of 500,000 barrels.
Drilling of the twin will take place to the expected "M" sand. The Company expects drilling of the twin to take place near the original well so that we may tap into the first gas discovery found; while, simultaneously at a distance as not to encounter unfavorable conditions as a result from the initial hole. This is done to maintain the integrity of the new drilling location.
The No. 2 well encountered a two foot gas discovery, but due to the location of the hole, the drilling may have occurred offset whereby an additional 28 feet of discovery may exist containing up to 5 Bcfg (billion cubic feet of gas) valued at nearly $35 million. While the gas discovery might be considered as an added benefit, the intended cause of drilling the twin is primarily to target what is known as the "M" sand at or about 14,300 feet to 14,500 feet with a prospective size of 10 to 11 million barrels of oil. The Clovelly field has produced over 30 million barrels of oil, most of which occurred in the "M" sand.
Drilling of the PUD well will likely occur prior to, or concurrently with, the drilling of the twin well and is expected to assist in offsetting cash outlays required for the new well. It is anticipated that this will occur in the late fourth quarter 2006 or early first quarter 2007. Expectations are to drill to the proven undeveloped target zone in order begin sales on the Clovelly prospect.
Drilling of the No. 2 twin may require a rig capable drilling to deeper depths and with additional horsepower to withstand gas pressure as encountered in the previous well. We have taken an immediate, proactive response and are in line to receive such rig. Lastly, the decision was made based primarily on the fact that cost associated with washing and sidetracking versus twinning a new hole was marginal. The controlling and safety factor of a new hole and the PUD well versus washing and sidetracking was not.
While global political turmoil continues to keep oil prices near $70 per barrel and some recent analysts' reports predict that oil could reach as high as $100 a barrel in the near future, the Company is moving forward in its efforts to acquiring additional growth and investment opportunities in this natural resource sector with the intent of providing the Company and its shareholders a much-improved increase in shareholder value. The Company is focused on increasing value by means on continuing acquisitions, development projects and exploration drilling through joint venture networks.
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.
Contacts:
Matrixx Resource Holdings, Inc.
Catherine Thompson
Media & Investor Relations
(310) 456-3199
ir@mrhi.net
www.mrhi.net
Jan Langenbach: Na wenn das noicht mal Hammernews sind dann weiß ich auch nicht o. T.
30.08.06 13:30
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...The PUD recoverable reserves are estimated at 250,000 barrels of oil with an upward potential of 500,000 barrels...
Brutal! Reserven ca. 250.000 - 500.000 Barrel!
Gehen wir mal von der unteren Grenze aus:
250.000 Barrel Öl x 70 $ = !!! 17,500,000 Dollar !!!
Wegen Namensänderung. Unter der neuen WKN konnte ich noch keinen Thread finden.