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

Matrix announced results of a successful production test on a second delineation well on its Arledge Prospect on JVA Arledge Lease #3 well in Nolan County, Texas. The JVA operated Arledge #3 drilled to 7042 feet on the JMM Field Lease Offset Prospect is an offset well to the Arledge #2 test for Odom and Ellenburger zones in the structural and stratigraphic closure prospect. The #3 well was tested in the Ellenburger Formation for sustained flowing rates of approximately 160 barrels of oil per day. The well is currently on production and extends/proves the field to an approximate area of 600 acres. From the results of the first three wells it is planned to drill an additional 3 wells by the end of September. Matrix owns a 19 percent position in the prospect with current net production of approximately 56 barrels of oil equivalent per day and net third-party bank-deck forecast reserves of approximately 110,000 barrels of oil equivalent.