Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
My sources say
Michael Jordan is not going to come out of retirement.
Cool
I'd like to average down!
Thanks Michael.
Thanks Jake
No problem - done!
MXXR - Matrixx Resource Holdings, Inc.: Drilling to Continue at Clovelly
Wednesday August 30, 4:00 am ET
LOS ANGELES, CALIFORNIA--(MARKET WIRE)--Aug 30, 2006 -- Matrixx Resource Holdings, Inc. (OTC BB:MXXR.OB - News), announced today that it has met with the operator late last week to discuss the status and options surrounding the Allain-Lebreton No.2 well on the Clovelly Prospect.
After carefully reviewing the available options, it has been determined at this point to initiate several courses of action. Certain discoveries and findings previously announced while drilling the No. 2 well has caused drilling a "twin" hole to become a certain and viable option. A twin hole is described as drilling a well adjacent to an existing well, such as the No. 2 well. Additionally, for economical feasibility, it is planned to drill as soon as practicable, an additional well known as a PUD (Proven, Undeveloped) well up-structure to a target depth of 12,500. The PUD recoverable reserves are estimated at 250,000 barrels of oil with an upward potential of 500,000 barrels.
Drilling of the twin will take place to the expected "M" sand. The Company expects drilling of the twin to take place near the original well so that we may tap into the first gas discovery found; while, simultaneously at a distance as not to encounter unfavorable conditions as a result from the initial hole. This is done to maintain the integrity of the new drilling location.
The No. 2 well encountered a two foot gas discovery, but due to the location of the hole, the drilling may have occurred offset whereby an additional 28 feet of discovery may exist containing up to 5 Bcfg (billion cubic feet of gas) valued at nearly $35 million. While the gas discovery might be considered as an added benefit, the intended cause of drilling the twin is primarily to target what is known as the "M" sand at or about 14,300 feet to 14,500 feet with a prospective size of 10 to 11 million barrels of oil. The Clovelly field has produced over 30 million barrels of oil, most of which occurred in the "M" sand.
Drilling of the PUD well will likely occur prior to, or concurrently with, the drilling of the twin well and is expected to assist in offsetting cash outlays required for the new well. It is anticipated that this will occur in the late fourth quarter 2006 or early first quarter 2007. Expectations are to drill to the proven undeveloped target zone in order begin sales on the Clovelly prospect.
Drilling of the No. 2 twin may require a rig capable drilling to deeper depths and with additional horsepower to withstand gas pressure as encountered in the previous well. We have taken an immediate, proactive response and are in line to receive such rig. Lastly, the decision was made based primarily on the fact that cost associated with washing and sidetracking versus twinning a new hole was marginal. The controlling and safety factor of a new hole and the PUD well versus washing and sidetracking was not.
While global political turmoil continues to keep oil prices near $70 per barrel and some recent analysts' reports predict that oil could reach as high as $100 a barrel in the near future, the Company is moving forward in its efforts to acquiring additional growth and investment opportunities in this natural resource sector with the intent of providing the Company and its shareholders a much-improved increase in shareholder value. The Company is focused on increasing value by means on continuing acquisitions, development projects and exploration drilling through joint venture networks.
MXXR - can someone post chart/analysis?
Booju83
Bingo!!!
Re: a later date....you don't go to the local Home Depot or Tool Rental shop to get a bigger rig with more horsepower.
Nice job MXXR!
It is very good to see they responded quickly!
Looks like they will be digging a few new wells, one which will produce the cash necssary to fund the other. Smart!!
Very interesting news...
First, it is very difficult to write a PR with this much detail so everyone can understand it. Yeah, I would have written it differently, but that is my style.
I've read the PR about 5 times to comprehend it.
**** 4a.m. EST NEWS!!!
Matrixx Resource Holdings, Inc.: Drilling to Continue at Clovelly
Wednesday August 30, 4:00 am ET
LOS ANGELES, CALIFORNIA--(MARKET WIRE)--Aug 30, 2006 -- Matrixx Resource Holdings, Inc. (OTC BB:MXXR.OB - News), announced today that it has met with the operator late last week to discuss the status and options surrounding the Allain-Lebreton No.2 well on the Clovelly Prospect.
After carefully reviewing the available options, it has been determined at this point to initiate several courses of action. Certain discoveries and findings previously announced while drilling the No. 2 well has caused drilling a "twin" hole to become a certain and viable option. A twin hole is described as drilling a well adjacent to an existing well, such as the No. 2 well. Additionally, for economical feasibility, it is planned to drill as soon as practicable, an additional well known as a PUD (Proven, Undeveloped) well up-structure to a target depth of 12,500. The PUD recoverable reserves are estimated at 250,000 barrels of oil with an upward potential of 500,000 barrels.
Drilling of the twin will take place to the expected "M" sand. The Company expects drilling of the twin to take place near the original well so that we may tap into the first gas discovery found; while, simultaneously at a distance as not to encounter unfavorable conditions as a result from the initial hole. This is done to maintain the integrity of the new drilling location.
The No. 2 well encountered a two foot gas discovery, but due to the location of the hole, the drilling may have occurred offset whereby an additional 28 feet of discovery may exist containing up to 5 Bcfg (billion cubic feet of gas) valued at nearly $35 million. While the gas discovery might be considered as an added benefit, the intended cause of drilling the twin is primarily to target what is known as the "M" sand at or about 14,300 feet to 14,500 feet with a prospective size of 10 to 11 million barrels of oil. The Clovelly field has produced over 30 million barrels of oil, most of which occurred in the "M" sand.
Drilling of the PUD well will likely occur prior to, or concurrently with, the drilling of the twin well and is expected to assist in offsetting cash outlays required for the new well. It is anticipated that this will occur in the late fourth quarter 2006 or early first quarter 2007. Expectations are to drill to the proven undeveloped target zone in order begin sales on the Clovelly prospect.
Drilling of the No. 2 twin may require a rig capable drilling to deeper depths and with additional horsepower to withstand gas pressure as encountered in the previous well. We have taken an immediate, proactive response and are in line to receive such rig. Lastly, the decision was made based primarily on the fact that cost associated with washing and sidetracking versus twinning a new hole was marginal. The controlling and safety factor of a new hole and the PUD well versus washing and sidetracking was not.
While global political turmoil continues to keep oil prices near $70 per barrel and some recent analysts' reports predict that oil could reach as high as $100 a barrel in the near future, the Company is moving forward in its efforts to acquiring additional growth and investment opportunities in this natural resource sector with the intent of providing the Company and its shareholders a much-improved increase in shareholder value. The Company is focused on increasing value by means on continuing acquisitions, development projects and exploration drilling through joint venture networks.
Code Description
01 Permitted
03 Permit Expired w/date of expiration
04 Drilling (Sidetrack of Existing Well)
05 Drilling (New drill/Re-entry/Re-Permit)
06 WOCR - waiting on completion rig
07 Operations Suspended
08 WOSP - waiting on state potential (rarely used)
09 IN TEST - used only in North Louisiana
10 Completion
12 Recompletion
18 Temporary Abandoned
29 Plugged - Dry Hole
Sonris
REPORT DATE WELL STATUS MEASURED DEPTH TRUE VERT DEPTH DETAIL
08/28/2006 29 14287 P & A WELL
If that is the case!
Then there are some issues here. That would explain the silence and the PRs coming out on Monday and Tuesday. The IR email does not fair well with me if what I think is true.
Where are the pictures on their website?
Breakout is imminent
Break 067...
That will turn the SAR positive!
http://stockcharts.com/h-sc/ui?s=mxxr&p=D&yr=0&mn=5&dy=0&id=p97635518745
I like this PR!!
In an attempt to protect the rights of its shareholders, the Company has retained a Securities attorney to ensure that all brokerage houses fully comply with the dividend rule. The counsel for Pegasus has more than 25 years experience in practicing securities and general business law; 12 of those years were spent working for the United States Securities and Exchange Commission. "We are confident that we have entrusted the right person to represent our shareholders through this process," stated Knabb. "We at Pegasus fully intend to assist our shareholders in holding any broker/dealer that does not comply with the dividend rule liable for failure to deliver the warrants."
Ken
Can you post an updated MXXR chart for me?
Low - MXXR analysis
I've looked at the 5-10-20 MA chart and it looks primed. MACD turning as well as BB tightening.
MXXR
http://stockcharts.com/h-sc/ui?c=mxxr,uu[l,a]daclyiay[db][pb5!b10!b20!f][vc60][iub14!la12,26,9]
Bear with me - I am fairly new and still learning. I know I need to post this chart here and hope to do so soon (when I get a few seconds to figure it out).
Anyway, this is just a simple 5-10-20 MA chart on MXXR. If you notice the 3 MAs are converging nicely and the MACD is beginning to bottom out / turn upwards.
Furthermore (if I could post it), the money flow is turning positive and BBs are getting very tight.
This rookie thinks this stock may get interesting.
Anyone care to help, please do so.
Squeeze coming?
Short position 8.3MM now.
There are NO shares to borrow!
MXXR
Slowly creeping now. Let's see what tomorrow brings.
I like the news.
It shows the plan. Get the financials done....trade on the OTCBB, then file for the Nasdaq. We will be trading higher especially when the financials are complete.
Yes, I am holding a fairly decent size.
The strange thing as well is that Ameritrade and a few brokers were not allowing ONLINE buys on Monday and Tuesday....seemed they wanted to "keep an eye on trading".
Thanks for the input!
MXXR
This stock is very tightly wound, especially on the 5-10-20 MA chart.
Aidan
Thanks very much!
Mike
As stated numerous times, we can buy and sell. There are a few brokerages that are not allowing you to buy ONLINE!
Really???
I did not know that.
Not sure who is who....
But, when I see certain posters I like to look at their history of posts on other stocks and see if there are patterns with respect to price movement and when they started / stopped posting. Also, I have a copy of the chart and follow the price with the posts. Just some further DD.
You guys may want to look at this.
Re: PR firm
1. SLJB said (I believe) that the PR firm was going to be a NY firm.
"Another Investor Relations firm is being contracted in New York City, New York."
2. Perception goes along way! When I see different colors, fonts, subtle mistakes, etc. on a website like this, I get nervous. The content of the webiste could have been done by a professional and made to look attractive in a few days. I know of several people who could have done that. Also, as the day goes on and people here mention what's missing - then it shows up?? I also saw the post about plagarism - I didn't even look at that yet.
Aidan
Yeah, I agree.
After putting the order in 3 times ONLINE, I made sure I had funds, etc. and then called. It was strange and I wish someone else would call as well and ask why.
Well, I was going to get 25K at 06 at the time. Now I got 25K at 055 instead. Strange indeed.
Thanks.
I'll see if Ameriturd has the same 3-day restriction.
Who is borrowedmule?
Remember!
They won't allow buys for ONLINE TRADES. You can still sell ONLINE and call a buy/sell order in via broker.
I was told they were notified that it was being manipulated???
Momo
Thanks. I've confirmed this with 2 other people as well now.
Cardinal
A very good question. I've been on Ameritrade for over 10 years so I am not a TD customer.
I'm hoping another Ameritrade poster comes through here so he/she can make a call as well.
Skeen
Yes, my Wall Street friend just told me the same thing. He's never heard of this before either. He did say Scottrade allowed it because he has an account.
We need to find an Ameritrade user.
Not Ameritrade I bet!
Nope
Plenty of funds there. Do you have Ameritrade? Tyr a test buy of 100 shares.
Ameritrade users
Someone try a test buy of 100 shares and see what you get.