Matrix completes the fifth Grimes Gas Field

Santa Barbara, CA

Matrix announced the completion of the fifth Grimes Gas Field completion with the recent drilling of JGJ Lease 6-9 well on the western portion of the Grimes Gas Field located in Colusa County. The wells, operated by Foothill Energy, Inc., are drilled on a 20-acre pattern to on the approximate 900-acre lease-hold position to take advantage of finding and intersecting the presence of many thin and minimally-distributed gas sands in the Forbes Formation present at depths of 5800’ to 8100’. Each well is expected to recover approximately 1 BCF (billion cubic feet) of gas based on pay counts of multiple gas sands encountered in each well. Matrix owns 18.5% of the project. Additional wells are to be drilled in 2010.