Matrix Provides Operational Update

Matrix provided today and update of key project activity to include: 1) The City of Whittier City Council approved on May 8 an amendment to the existing Matrix City lease which removes the required Los Angeles County Consent on drilling. This allows Matrix to move forward with plans to drill its Whittier Main City project in 2012; 2) Matrix drilled 2 new wells (non-operated) in April in its West Texas Rowena Field, adding approximately 100 BOPD (Runnels County); 3) Matrix interest in the new Continental Resources Todd 1-6H well was recorded relative to the 650 BOPD well which has been producing since February; 4) Matrix is participating in 2 new wells currently drilling in the JVA Operated Boyd Unit (Stonewall County) and; 5) Matrix is moving ahead with its operated Meeker Dome Prospect to drill the first well, Sheridan 11-2 Niobrara test in late May 2012.