Matrix Oil Corporation (“MATRIX”) is a private independent oil and natural gas production company based in Santa Barbara, CA. Since 1999 Matrix has acquired properties that have long-term and low-risk production. MATRIX acquired its first interest in the Los Angeles Basin in 1999 in the Las Cienegas Field from Phillips Petroleum. Currently, the company owns and operates oil-producing properties in the Los Angeles and San Joaquin Basins of California. It owns natural-gas producing properties in the Sacramento Basin and oil-producing royalty and non-operated properties in the Permian Basin of West Texas and Williston Basin, North Dakota. In these focus areas Matrix has lease and fee ownership in 15 producing fields in approximately 28,000 acres that hold in excess of 200 Matrix-interest wells.
The primary investment focus has been to purchase California and Texas onshore production assets. New areas for the company are Colorado and North Dakota. We target shallow to medium-depth production with lower amounts of required operating costs to better sustain highly volatile low to high price environments of oil and natural gas. Our properties in California contain reserves in the Miocene Puente Formation of the Los Angeles Basin and the Stevens Formation of the San Joaquin Basin. We have producing and non-producing natural gas reserves in the Forbes Formation of the Grimes Gas Field and in the Domengine/Wagonet Sands in the Kirby Hills Field. MATRIX has oil production from the Odom, Strawn and Ellenburger Formations in West Texas and Bakken North Dakota. Our properties are characterized by stable, long-lived production and reserve life indexes averaging greater than 12 years. MATRIX targets to develop potential projects in areas with projected reserve lives in excess of 25 years.
MATRIX acquires or develops a new project every year. In 1999 and 2001 we acquired interests in the Las Cienegas and Whittier Fields. From 2001 to 2005 Matrix acquired interests from Texaco to Merit Energy and others in the Colorado DJ Basin Wattenberg Field, California San Joaquin Basin Yowlumne Field and Bellevue Field, North and West Texas Permian and Marrieta Basin Jameson North Field and BMC Fields. Since 2006 the company has purchased leases for development and exploration in the Sacramento Basin in a 1500 square mile area with 3D seismic coverage. Since 2008 MATRIX has purchased or leased land, monetized assets outside of core interest areas and worked on obtaining drilling rights in promising leases for re-development of known oil reserves. Currently a prominent project for the company and it’s partner Clayton Williams Energy, Inc. has been the awarded lease contract with the City of Whittier on 1280 acres for the potential development of a principal structure on the Whittier Field.
Matrix Oil Corporation maintains the highest standards of ethics and conduct relative to its business relationships with all parties and relative to the management in its relationships with individuals. This high standard has allowed us to become a respected board member of the California Independent Producers Association. Our company has been approached many times to assist with operations on other properties due to our technical excellence or experience in optimizing site activity. We have been approached to purchase or assume operations on leases due to the confidence others had in our integrity. We have developed many key relationships in the cities of Los Angeles and Whittier as trustworthy people that will commit to following through on what we say and how we will work with neighbors.
The Company strives on an annual basis to re-place its produced reserves through acquisitions of existing producing leases or through low-risk drilling. The company periodically sells assets that no longer constitute a core long-term focus. The Company is a bank-financed production and acquisition company.
- We specialize in acquiring low-risk and low-cost properties to optimize value.
- We partner with other companies that provide key synergy in order to optimally develop properties in a safe and efficient manner.
- We apply 2D and 3D seismic technology where applicable.
- We use state of the art 3D software to model geology and petroleum distribution in all fields.
- We pick core areas in known oil and gas basins to best apply our operating and technical expertise.
- We target large fields with many multiple pay zones to allow for low-risk infill drilling or well optimization strategies.
- We acquire assets from small operators in which reserves may have been by-passed and allow for infill development.
Matrix is a recognized, bonded operator in the State of California. Matrix has pipeline franchises with Los Angeles County, the City of Whittier and the City of Bakersfield. Matrix operates approximately 425 barrels of oil produced per day from 25 producing wells in the Whittier Field (LA County) and the Bellevue Field (Kern County) on approximately 800 acres of leases. Matrix operations generate royalties for approximately 1000 owners of mineral rights. Matrix has non-operated ownership in six fields in which it has a working interest that are operated safely and optimally by Foothill Energy LLC, JVA Operating, Clayton Williams Energy Inc. and PXP.