Replies to post #2941 on Matrixx Resource Holdings, Inc.(fka MXXH)

[BMiles]

t bone -

Per the 8K filed by TXHE on 6/8/2006

On May 31, 2006, Texhoma Energy, Inc. (the "Company," "we," "us") entered into six (6) participation agreements to purchase various oil and gas leases from Sunray Operating Company LLC ("Sunray"), including:
Leases covering approximately 280 acres of land in Colorado County, Texas for total consideration of $100,000. In connection with the purchase, we will acquire an undivided 87.50% interest in the leases, subject to existing overriding royalty interests equal to 28% of 8/8. Additionally, Sunray is entitled to a one-eighth of eight-eights (12.50% of 8/8) working interest, proportionally reduced at payout.

http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001332277%2D06%2D000336%2Etxt&FilePath...

[t bone]

Interesting Texhoma stuff.

My reply would be this:

In Texhoma's 6/8 filing:

"We do not currently have sufficient cash on hand to pay Sunray for the purchase of the leases disclosed above, but hope to raise such money prior to the anticipated closing date of the purchases, June 14, 2006, of which there can be no assurance."

Then on their July 13th filing:

"On June 29, 2006, Texhoma Energy, Inc. (the "Company," "we," "us") closed the purchase of two (2) of the previously reported participation agreements we entered into on May 31, 2006, pursuant to Assignments and Bill of Sales (the "Bill of Sales"), pursuant to which we purchased two (2) oil and gas leases from Sunray Operating Company LLC ("Sunray"), which included the following "Leases":

"o Leases covering approximately 196 acres of land in Brazoria County, Texas. In connection with the purchase, we acquired an undivided 37.5% interest in the leases, subject to existing overriding royalty interests equal to 25% of 8/8. Additionally, Sunray is entitled to a five-eighth of eight-eighths (62.5% of 8/8) working interest, proportionally reduced at payout; and

"o Leases covering approximately 20 acres of land in Brazoria County, Texas. In connection with the purchase, we acquired an undivided 35% interest in the leases, subject to existing overriding royalty interests equal to 25% of 8/8."

The Buck Snag in Colorado County isn't one of the two listed in Texhoma's closing. Then they say again:

"We currently still plan to complete the purchase of the remaining four (4) leases described in our Form 8-K filed with the Commission on June 8, 2006, however we do not currently have sufficient cash on hand to pay Sunray for the purchase of such additional leases."


Then after that, Texhoma's next mentioning of Buck Snag is the Aug 11 PR I noted earlier, which states Texhoma only got 30% with a back in of 12.5%.

So it looks to me that Texhoma couldn't get their money together in time, and Matrixx came in and got 57%.

It still doesn't look to me that Matrixx bought the original Buck Snag aquisition from Texhoma.

But I do see your point BMiles.

Hope you're having a nice holiday weekend.

T