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September 27, 2012
07:26 EDTMTDRMatador Resources provides operational update
Matador Resources provided an update on various aspects of its operations. Matador announced that its partner in the Gracie Prospect has agreed to fund 100% of the next $9M of additional exploration and leasehold renewal expenses, in order to acquire 50% of the interest in this prospect, including paying these monies toward a horizontal test of the Meade Peak shale that is scheduled to be drilled later this year in Southwest Wyoming. The test well will be a horizontal lateral drilled out of the Crawford Federal #1 vertical wellbore that was drilled and cored through the Meade Peak shale and then suspended in December 2011 for extensive whole core and petrophysical evaluation. At June 30, 2012, the Company had 107,122 gross and 100,670 net acres prospective for the Meade Peak shale in Southeast Idaho, Southwest Wyoming and Northeast Utah. The company said it is continuing to build its acreage position in the Delaware Basin for the Wolfcamp, Bone Spring and other plays. In August 2012, the company acquired 4,900 gross and 2,900 net acres in the heart of the “Wolfbone” play in Loving County, Texas. Including its existing leasehold interest in the Delaware Basin, Matador now has approximately 5,000 net acres prospective for these and other plays in West Texas and Southeast New Mexico. The Company expects to begin testing this acreage in early 2013. Matador added that it has received written commitments from five banks, including two new lenders, to join its bank group and expects to close an amended and restated credit agreement that will increase its borrowing capacity to $200M from its current borrowing base of $125M based on its June 30, 2012 oil and natural gas reserves estimates.
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