Matrix Announces New Rocky Mountain Property Focus

Santa Barbara, CA – Matrix announced today that it has obtained leases in Northwest Colorado to pursue Niobrara production. The lease position of approximately 3600 acres will allow for Matrix to operate or partner with a local operator to drill and develop shallow, low risk oil targets located within the Niobrara. The lease position is located near Meeker, Colorado. It is expected that Matrix will spud a test well in May, 2012. In addition to activity in Colorado, Matrix purchased a land position in the fourht quarter of 2011 of a 7% working interest in a 1200 acre unit operated by Continental Resources in Williams County, North Dakota. The unit offsets Brigham Exploration acreage that has a producing Bakken well (IP rates of 2800 BOPD/4600 mdfd). Activity to date by Continental in the unit includes the drilling of the Todd 1-6H well drilled to 20,157 feet in December with the total depth designed to have a 2 mile lateral in the lower Bakken. It is expected that the operator willl complete the well by April 2012.