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I would expect that it is at least 25% which is the combined percentage they gave up on the other two projects.(just guessing) Also due to close on Manvel by Fri. I imagine they are trying to get the other buck snag wells on line as soon as possible to put themselves in excellent position for the winter.Now all we need is word on when the rig will arrive for Clovely.Full speed ahead!
I have been doing anything BUT whining,Its a little frustrating that they mention the reduction in Manvel and Buck Snag but mot what their percentage is in Sandy Point.
So at this point it is impossible to figure out the potential book value.
I still see this as good news as they must have had very good reson to reduce their percentages that significantly.
Why dont they mention what their stake is???
I completely disagree.I would rather the compnay be looking for future aqusistions rather than responding to emails every time someone loses cofidence in the company.
Bravo! I mark this post of the year!
Posted by: GordonGekko1982
In reply to: thisdoesnotwork who wrote msg# 3019 Date:9/6/2006 7:26:00 PM
Post #of 3064
MXXR Book Value: BEING CONSERVATIVE
Now this is assuming the 144M O/S which was unconfirmed, and came from an unknown post, but I will do it just for an extra measure of prudence.
I rely on calculations for Natural gas in regard to the company, the conversions are listed below. [[[ http://www.eia.doe.gov/kids/energyfacts/sources/non-renewable/naturalgas.html#HOWITISMEASURED ]]]
(This is the Price for futures going into September)
$7.006 per 1,000 Cf.
1,000 cf (one thousand cubic feet) = 1mcf
1Bcf= 1,000,000 Mcf
1Bcf= 1,000,000 Mcf x $7.006
=$7,006,000 (the 1Bcf quantity is provided below)
The August 28th PR stated; "On August 23, 2006 the No. 1 Schiurring Well in Colorado County, Texas, was completed in the 2,030 foot sand and placed into production….Gas production and sales began after only two weeks … [and t]otal estimated recoverable reserves are expected to be approximately 1 BCF of gas. [[[ http://www.pinksheets.com/quote/news.jsp?url=fis_story.asp%3Ftextpath%3DCOMTEX%5Ciw%5C2006%5C08%5C28.... ]]]
MXXR owns 57% of Schiurring #1., which is $3,993,420. ($7,006,000 x .57) [[["The agreement calls for Matrixx to acquire an undivided 57% interest covering 280 acres of land in Colorado County, Texas…Net drilling cost is expected at $170,000 and net completion cost is expected to be at $160,000." http://www.pinksheets.com/quote/news.jsp?url=fis_story.asp%3Ftextpath%3DCOMTEX%5Ciw%5C2006%5C08%5C03.... ]]]
MXXR also holds a 5% interest in the Clovelly Field, specifically the Allain LeBreton #2 well. [[[2006, the Company also completed the acquisition of a 5% minority interest in Clovelly, an oil prospect property, from Sterling. . See Item 1.01 for more information.
The Letter Agreement with Sterling called for an aggregate purchase price of $115,000, of which $15,000 is to be paid in cash and the balance of $100,000 is to be paid with the issuance of 2,000,000 shares of registered Common Stock.
http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0001199073%252D06.... ]]]
From the last Quarterly Report, MXXR's value is as follows:
TOTAL ASSETS $ 1,824,947
TOTAL LIABILITIES $611,777
NET WORTH assets-liabilities =$1,213,170
[[[http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0001199073%252D06.... ]]]
However, not stated in the Report are the liabilities incurred from the Clovelly and Buck Snag purchases, so we will calculate once again the net worth.
Clovelly ($15,000)
Buck Snag ($170,000)
NET WORTH POST ACQUISITIONS: $1,028,170
BUCK SNAG REVENUE: $3,993,420
ASSETS $5,021,590
COMPLETION COSTS: (Liability) ($160,000)
NET WORTH $4,861,590
Price to book = Net Worth divided by Shares Outstanding (O/S, supra)
Price to book = $4,861,590/144M = .0337
Total book value= $.0337
This is only factoring in the 144M o/s which is still unconfirmed, and not factoring in any of the other prospects, or Clovelly. This is a book value, IF the O/S has increased, slightly below market price. If there is any oil multiplier taken into account for the future revenues, (industry standard averages 3.5) then this stock should already be trading above .10. This may be a rollercoaster for the next few months, but they have the value, and anything else will only increase book value further. Perhaps why book value has not been reevaluated is that it was their first proven asset. If we have another successful drilling attempt, then we will have consistency. IMHO this is incredibly undervalued.
Aidan,please stop complaining.Im sure we will hear from the compnany when they have something significant to say,they will say it.The negativity is draining.
Looking good-eom.
Thats my point.It said plug and abandoned on the sonris website.I disagree,it is bullish news,just not for another 6 months,In the meantime they are due to close on Manvel by next week,and should have started more drilling at buck snag by now.
People are reacting to txhe's pr.Mxxrs pr said that they were drilling a twin hole,Did not use the words p and a even though everyone new thats what it meant fron sonris.People are overreacting to week old news,lol
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.
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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.
I dont get it.This was known already.It seems like people are having a delayed reaction to something that was alreday known.
Gordon,thanks for that post. Thisdoesnotwork will now of course argue that our percentage of buck snag is 30% not 57% which i still dont believe.By posting this im assuming that you are in agreement that despite how the 8k is worded you still believe we have a 57% stake in buck snag?
Also think about this for a minute.The article in floridainvestor.com confirms the 57% stake in Buck Snag.I imagine that their pr department knows about the article.Why would they put that percentage in a publication if it wasnt true? There has to be something were missing regarding the 57%.
Also this statement asserting that somehow Kraigger and Bmiles somehow had access to information that bo one else did borders on paranoia.
Who wants to buy a company that in one PR states they have an "undivided" 57% interest in a well, then the PR comes that the well was a success, THEN the TRUTH comes out in the SEC and they only have 30.6%!!! AND...AND the OS share count also went up by 40%...but they'll only disclose that TRUTH to a few selected investors (insiders?), who have most certainly sold some if not all of their position before this slide?
Thisdoesnotwork,you are putting the worst possible spin on things.To assume they are going to dillute the float by 60,000,000 shares in the next 4 months is ridiulous.
The additional 40,000,000 does not bother me as it is normal with these type of stocks.As long as they are not using the money for yachts,hookers,coke,expensive artwork,rolling stones tickets,fine dining,vacations,which i dont think they are.
The company is obviously being more careful of what they say to the public since an open dialogue backfired because of people misinterpreting things and spreading rumours.They are due to close on the next propert by next week,so imagine we will hear something very soon.
Wow,i didnt mean to post that 3 times,lol.
I think you sre putting too much stock in what two people do or say regarding mxxr. As far as insiders go,i think thats ridiculous,i imagine enyone could have gotten this info regarding the o/s.
Posted by: BMiles
In reply to: stock_observer_77 who wrote msg# 2882 Date:9/2/2006 1:51:28 AM
Post #of 3001
stock_observer_77, here is the information you requested -
Marcia
STANDARD REGISTRAR & TRANSFER CO INC
12528 SOUTH 1840 EAST
DRAPER, UT 84020
PHONE: 801-571-8844 FAX: 801-571-2551
standardregistrar@comcast.net
I think you sre putting too much stock in what two people do or say regarding mxxr. As far as insiders go,i think thats ridiculous,i imagine enyone could have gotten this info regarding the o/s.
Posted by: BMiles
In reply to: stock_observer_77 who wrote msg# 2882 Date:9/2/2006 1:51:28 AM
Post #of 3001
stock_observer_77, here is the information you requested -
Marcia
STANDARD REGISTRAR & TRANSFER CO INC
12528 SOUTH 1840 EAST
DRAPER, UT 84020
PHONE: 801-571-8844 FAX: 801-571-2551
standardregistrar@comcast.net
I think you sre putting too much stock in what two people do or say regarding mxxr. As far as insiders go,i think thats ridiculous,i imagine enyone could have gotten this info regarding the o/s.
Posted by: BMiles
In reply to: stock_observer_77 who wrote msg# 2882 Date:9/2/2006 1:51:28 AM
Post #of 3001
stock_observer_77, here is the information you requested -
Marcia
STANDARD REGISTRAR & TRANSFER CO INC
12528 SOUTH 1840 EAST
DRAPER, UT 84020
PHONE: 801-571-8844 FAX: 801-571-2551
standardregistrar@comcast.net
Gordongekko,see post 2883 by bmiles.
It would be nice if the company would follow through on this.
Additional information describing these and other prospects previously announced by Matrixx will be forthcoming in a letter by the Company to its Shareholders.
Matrixx will continue to seek additional opportunities to add value to its property holdings through acquisition. Matrixx believes that these additional assets will provide the Company and its shareholders a much-improved increase in shareholder value. Further, the Company will be filing the required forms and exhibits with the SEC and sending notice to shareholders on a timely basis. Terms and conditions of the transaction will also be provided in the aforementioned notices. Closing is expected to occur no later than September 15, 2006
Would be a good time for them to realease this from previous pr about manvel.
Additional information describing these and other prospects previously announced by Matrixx will be forthcoming in a letter by the Company to its Shareholders.
This is great news. When they start drilling clovely again it will give the stock more anticipation than it already had.A discovery at clovely will add to more wells,apparently this area is more oil rich than we even thought!
Oil Companies Say Promising Tests May Suggest Significant Gulf of Mexico Discovery
WASHINGTON (AP) -- Tests of a deep-water well in the Gulf of Mexico could indicate a significant oil discovery, three companies announced Tuesday, in the first project to tap into a region that reportedly could boost U.S. oil and gas reserves by as much as 50 percent.
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The Jack 2 well was drilled about 5.3 miles deep by U.S. oil company Chevron Corp., with partners Statoil ASA of Norway and Devon Energy Corp. of Oklahoma City. During the test, the Jack 2 well sustained a flow rate of more than 6,000 barrels of oil per day, Statoil said.
"Test results are very encouraging and may indicate a significant discovery. The full magnitude of the field's potential is still being defined," Statoil said in a statement.
The discovery has industrywide implications, analysts said.
"They may be the first ones to hit the jackpot, but if the current thinking is correct, this is only a beginning. Other companies will emerge as good, or better," said Oppenheimer & Co.'s Fadel Gheit.
The successful test wells do not mean a huge supply of oil will hit the market anytime soon. Gheit estimated that the first production might not come on line until after 2010, depending on how many more test wells the companies drill.
The Wall Street Journal reported in Tuesday's editions that the region where the well is located could become the nation's biggest new domestic source of oil since the discovery of Alaska's North Slope more than a generation ago.
The Journal said Chevron and Devon officials estimate that recent discoveries in the Gulf of Mexico's lower-tertiary formations hold up to 15 billion barrels of oil and gas reserves, a total that would boost the nation's current reserves by 50 percent.
The well was drilled in the Walker Ridge area of the Gulf, about 270 miles southwest of New Orleans and 175 miles off the coast. It followed up a discovery made by Chevron in 2004.
"This area is one of the new and promising deep-water areas in the Gulf of Mexico," said Oivind Reinertsen, senior vice president of Statoil's Gulf of Mexico assets in Houston.
"The Jack 2 well test data are encouraging and may form the basis of future development projects in Walker Ridge," he said.
In a separate statement, San Ramon, Calif.-based Chevron said the well set a variety of records, including the deepest well successfully tested in the Gulf of Mexico. Chevron said the well was drilled more than 20,000 feet under the sea floor below 7,000 feet of water for a total depth of 28,175 feet.
Chevron has a 50 percent stake in the field, while Statoil and Devon own 25 percent each.
Shares of Devon rose $6.10, or 9.5 percent, to $70.25 in early trading on the New York Stock Exchange, near the top end of the stock's 52-week range of $48.94 to $70.35. Shares of Chevron rose $1.02, or 1.6 percent, to $65.85.
This is all anyones been talking about since Fri understandably so.I find it very hard to believe that their interest in Buck Snag has decreased.There was significant buying on Fri afternoon right around the time the 8k came out.My guess is it has incresed or stayed the same.
So you might say that thisdoesnotwork is jumping to conclusions.Its amazing,any negative post on this board is copy and pasted on rb by dawg.
I expect to hear from the compnay next week with an explanation.
To say they are going to dilute the stock by 60,000,000 shares by years end is ridiculous.Youll be happy to know that dawg is copying and pasting your posts on rb.
You said previously that it was all about clovely,so shut the hell up already.Hold your shares,make a very nice profit in 6 months nd stop complaining.
You also dont seem to realize you clueless,pathetic,lonely,scumbag that the market is forward looking and does not care about vnbl. There are many other things you are clueless about,too numerous to list here.
You are the worst kind of scum.You already made a profit on this stock.I have posted your many captainjack22 posts pumping this stock.Now you bash. Your a worse basher than dawg.
This is of course in addition to your fictional conversation with someone from grey wolf.You make me sick.
The most disturbing thing about that picture is that he reproduced.
Some thoughs after last night:
1st of all no one is talking about the positive item coming out of the 8k that we have the potential for 2 to 3 times as much gas as we originally thought.2-3 BCFG sounds a hell of a lot better than 1bcfg.So if we have 42% instead of 57% we have 42% of a much larger pie.Is that so terrible? Apparently people didnt think the 8k wa such a negative,there was substantial buying before and after it came out.
Also,for me anyway,this has always been about Clovely.Anyone who sells before they get the results of the twin hole should have their head examined.Yes i am holding on to this stock longer than i thought as im sure a lot of people are,but SO WHAT.The more i think about it the more i think i am going to hold this until this time next year.After the results of clovely,the other wells that they will have online producing revenue,plus whatever they have in store for 2007,does anyone really think this issue will be trading at less than .30-.50 at that point(im being extremely conservative.At that point I will sell my shares,pay my 10% capital gains tax and say Thanks for the 200k or whatever it comes out to,what a long strange trip its been.
Im hearing alot of uncertain from some long time posters like Howard Haftel and Aiden.I was feeling the same way last night,but after doing some thinking,i am more confident in my investment than ever.You only lose when you sell.
I really believe this compnay is determines to succeed and will.How many successful companies who started out as penny stocks went through this??
To me its looking more and more like 2007 will be the breakout year for this company and i would like to be a part of it.Lets try to keep the board positive and not let the 8k be the entire topic of convesation from now until Tues.I dont care what happens to the pps in the near term,i will not sell a single share.
God bless the american workforce,have a great labor day weekend.
I think there percentage just went up not down,im almost positive.Of course dawg and the other misfits will be using this topic all weekend to spread fear,lies and innuendo.
Your not taking into account that they closed on the 57% the first weak in August. Think about it.This compnay is not stupuid.If this was true they would be opening themselves up to all kinds of legal ramifications imo.
THERE WAS SIGNIFICANY BUYING DURING AND AFTER THE 8 K CAME OUT.IF THERE PERCENTAGE IN BUCK SNAG DECREASED BY 15% I DONT THINK WE WOULD HAVE SEEN THAT!!
After the 8k came out todat there was buying.I think 13ussem said around 400,000 shares.I think our percentage in buck snag has either increased or stayed the same.
qmed,chill out.Enjoy the weekend.
Im a little confused myself,but i find it hard to belive that our percentage in buck snag went doen 27% If that was the case we would have closed a lot lower.
Im surprised theres not more discussion about this.This could be huge!
We need confirmation on this.If this is true through all of Kraiggers figures out,there obviously higher now.
I was just thinking the same thing.The #'s dont make sense.Our percntage could only have gone up,not down.
Actually,ijust did,hope you dont mind.
Excellent,it certainly does make it real.You should copy and paste your post on rb,let the bashers who keep implying that theres no gas.no oil etc chew on that for a while.