Matrix Energy Services Corp
04 September 2002, 12:59 PM
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Is not an expro company that we deal with, although we deal with many.
They are a genuine company . . . .
CURRENT BUSINESS INFORMATION: Matrix Energy Services Corporation along with its wholly owned subsidiaries, is a developmental company involved in oil and gas exploration. The Company's focus is primarily on non-commercial oil and gas fields.
It has researched and developed cutting-edge recovery technologies, including the manufacture of new oil recovery equipment. The Company redevelops producing oil and gas fields, as well as researches and develops exploration technologies.
HISTORICAL BUSINESS INFORMATION: The Company originally incorporated on October 31, 1979 in Colorado as Imperial Energy Corp., the Company adopted its present name in May of 1998. During its history, the Company has changed its name several times. At different times the Company has been known as Imperial Energy Corp., Funscape Corp., Oil Retrieval Systems, Inc., and Titan Energy Corp. Current management obtained controlling ownership of the Company in October of 1999. The Company changed its domicile to Nevada on May 31, 1998 through a merger of Titan Energy Corp., Inc., a Colorado Corporation, with a Nevada corporation bearing the name Power Exploration, Inc.
Oil and natural gas are the principal products currently produced by the Company. The Company does not refine or process the oil and natural gas that it produces. The Company sells the oil it produces under short-term contracts at market prices in the areas in which the producing properties are located.
On May 16, 1997 the Company acquired Oil Retrieval Systems, Inc. and its portable swabbing technology, assets and liabilities from Rife Oil Properties, Inc. for 2,500,000 shares of the Company's restricted common stock. In September of 2000, the Company discontinued the operations of its ORS unit due to a lack of operational funding.The Company plans on either revitalizing its ORS subsidiary with an infusion of operating capital or selling the division and its technology to a third party.
On June 17, 1997 the Company acquired 100% of the issued and outstanding shares of Oil Seeps, Inc. a Texas Corporation. Oil Seeps, Inc. was acquired for 400,000 shares of restricted common stock. Oil Seeps owned certain oil and gas concessions located in Australia. These concessions allowed exploration for petroleum products and required production on or before September 30, 1999. Due to its lack of capital for exploration and drilling in Australia, the Company was unable to drill a producing well on the property and the concessions expired on September 30, 1999.
The Company also recently obtained approximately 3,500 net acres of oil and gas properties from Rife Oil Properties Inc., in exchange for 8,000,000 restricted shares of the company's common stock. Additionally, in March of 1999 The Company acquired Lincoln Health Fund Inc., and its primary asset, a 10.5-acre tract of land on the east side of Fort Worth, Texas. The Company's holdings are primarily in Texas and Australia.
The Company cannot provide assurance that it will be able to market all oil or natural gas that the Company produces or, if such oil or natural gas can be marketed, that favorable price and contractual terms can be negotiated. Changes in oil and natural gas prices may affect the revenues and cash flow of the Company and the value of its oil and natural gas properties. Further, declines in the prices of oil and natural gas may have a material adverse effect on the business and financial condition of the Company.
The Board of Directors announced a 1 for 100 reverse stock split on September 25, 2001.
They are a genuine company . . . .
CURRENT BUSINESS INFORMATION: Matrix Energy Services Corporation along with its wholly owned subsidiaries, is a developmental company involved in oil and gas exploration. The Company's focus is primarily on non-commercial oil and gas fields.
It has researched and developed cutting-edge recovery technologies, including the manufacture of new oil recovery equipment. The Company redevelops producing oil and gas fields, as well as researches and develops exploration technologies.
HISTORICAL BUSINESS INFORMATION: The Company originally incorporated on October 31, 1979 in Colorado as Imperial Energy Corp., the Company adopted its present name in May of 1998. During its history, the Company has changed its name several times. At different times the Company has been known as Imperial Energy Corp., Funscape Corp., Oil Retrieval Systems, Inc., and Titan Energy Corp. Current management obtained controlling ownership of the Company in October of 1999. The Company changed its domicile to Nevada on May 31, 1998 through a merger of Titan Energy Corp., Inc., a Colorado Corporation, with a Nevada corporation bearing the name Power Exploration, Inc.
Oil and natural gas are the principal products currently produced by the Company. The Company does not refine or process the oil and natural gas that it produces. The Company sells the oil it produces under short-term contracts at market prices in the areas in which the producing properties are located.
On May 16, 1997 the Company acquired Oil Retrieval Systems, Inc. and its portable swabbing technology, assets and liabilities from Rife Oil Properties, Inc. for 2,500,000 shares of the Company's restricted common stock. In September of 2000, the Company discontinued the operations of its ORS unit due to a lack of operational funding.The Company plans on either revitalizing its ORS subsidiary with an infusion of operating capital or selling the division and its technology to a third party.
On June 17, 1997 the Company acquired 100% of the issued and outstanding shares of Oil Seeps, Inc. a Texas Corporation. Oil Seeps, Inc. was acquired for 400,000 shares of restricted common stock. Oil Seeps owned certain oil and gas concessions located in Australia. These concessions allowed exploration for petroleum products and required production on or before September 30, 1999. Due to its lack of capital for exploration and drilling in Australia, the Company was unable to drill a producing well on the property and the concessions expired on September 30, 1999.
The Company also recently obtained approximately 3,500 net acres of oil and gas properties from Rife Oil Properties Inc., in exchange for 8,000,000 restricted shares of the company's common stock. Additionally, in March of 1999 The Company acquired Lincoln Health Fund Inc., and its primary asset, a 10.5-acre tract of land on the east side of Fort Worth, Texas. The Company's holdings are primarily in Texas and Australia.
The Company cannot provide assurance that it will be able to market all oil or natural gas that the Company produces or, if such oil or natural gas can be marketed, that favorable price and contractual terms can be negotiated. Changes in oil and natural gas prices may affect the revenues and cash flow of the Company and the value of its oil and natural gas properties. Further, declines in the prices of oil and natural gas may have a material adverse effect on the business and financial condition of the Company.
The Board of Directors announced a 1 for 100 reverse stock split on September 25, 2001.
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