Matrix Provides an Update on Permian Basin Activities for 2012

Santa Barbara, CA – Matrix announced today all aspects of its Permian Basin Field activity will be coordinated from its new office in Midland, Texas. The activities to include partner coordination and the pursuit of potential acquisitions will be managed by Mr. Johnny Jordan, President of Matrix Oil Corporation. The company expects to participate in 2012 in activity in the basin to include participation in the drilling of 9 development wells, participation in the acquisition of one 3D seismic survey, and participation in numerous well workover activiteis in its current field positions located in Jameson North, JJM Arledge, Rowena, and Boyd Unit Fields located in Mitchell, Nolan, Runnel, and Stonewall Counties. Matrix expects to increase its prodcuction base in 2012 by 100% and plans to pursue potential acquisition of producing properties in urban areas or in leases near its current production.