Matrix enters negotiated agreement with Clayton Williams Energy, Inc.

Santa Barbara, CA

Matrix stated that it has entered into a negotiated agreement with Clayton Williams Energy, Inc. to divest some Matrix interests in current assets and to participate in a joint-venture project relative to operations and production projects in Los Angeles County, Kern County and other areas of mutual interest in California and Texas. Clayton Williams Energy, Inc. is a publicly traded company with ownership of over 6000 wells in Texas, New Mexico and Louisiana with a market capitalization of approximately 700 Million. The two companies will have many synergies to include banking facility, engineering, geology, administration and legal cooperation and coordination on all future projects under joint agreement.