Successful test of Texas Arledge Lease well in Mitchell County, TX

Santa Barbara, CA

Matrix announced results of a successful test of the Texas Arledge Lease well in Mitchell County Texas. The well JVA Operated Arledge #1 drilled to 7305 feet on the JMM Field Lease Offset Prospect to test for Odom and Ellenburger zones in the structural closure prospect. The well was tested in the Ellenburger Formation as a drill stem test for a rate of 330 barrels of oil per day. An additional test of the Odom located above the Ellenburger also produced oil. Additional tests of the well are on-going. It is planned to case the well and bring in production tanks for production. The prospect is under review of the 3D seismic to plan additional step-out wells. Matrix owns a 19 percent position in the prospect.