Matrixx Resource Holdings, Inc.(fka MXXH)

[rwa3848]

TXHE 8k Means Clovelly drilling to begin Immediately

If Clovelly operations were required to wait for MXXR's share of the startup costs then drilling would never begin. TXHE acquired its share of Clovelly startup funding By reaching an agreement with Hobart Global Limited for $225,000.

Clearly, MXXR and TXHE were both using the Clovelly prospect to shop around for additional Funding. TXHE was first to the punch bowl so the agreement was withdrawn.

Drilling of Clovelly may or may not encourage financiers to saddle up with MXXR in time to complete the Easter Acquisition. Nonetheless, at some point, the revenue stream from Clovelly, if used to develop all lease, will allow MXXR to pursue additional acquisition financing