Matrix Statement on Successful production test of Texas Arledge Lease well in Nolan County, TX

Matrix announced results of a successful production test on a delineation well on its Arledge Prospect on JVA Arledge Lease #2 well in Nolan County Texas. The JVA Operated Arledge #2 drilled to 7290 feet on the JMM Field Lease Offset Prospect was an offset well to the Arledge #1 test for Odom and Ellenburger zones in the structural and stratigraphic closure prospect. The #2 well was tested in the Ellenburger Formation for sustained flowing rates of approximately 100 barrels of oil per day. The well is currently on production and extends/proves the field for an approximate area of 400 acres. From the results of the first two wells it is planned to drill an additional well by the end of April. Matrix owns a 19 percent position in the prospect with current net production of approximately 40 barrels of oil equivalent per day and net preliminary forecast reserves of 200,000 barrels of oil.