Matrix joins JVA Operating Company in management of Jameson North Field

Midland, TX

Matrix announced that it executed an agreement with JVA Operating Company to participate in acquisition of the Jameson North Field in Mitchell and Nolan Counties from Merit Energy. The acquisition of approximately 6000 acres of leases held by the production from 33 wells that produce both oil and natural gas near Colorado City in Mitchell and Nolan Counties, Texas. Matrix is pleased to enter into the relationship with JVA Operating that allows for the pursuit of low-risk production enhancements to the property. This also allows Matrix to work in the Permian Basin of West Texas which has similar characteristics to its properties located in the Los Angeles Basin in that wells are primarily oil producers and have long-life production aspects. Matrix forecasts the addition of 100,000 barrels of oil to its reserve base of producing reserves as purchased for $285,000.