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News Breaks | | | | January 7, 2013 | | 07:07 EDT |  | MTDR | Matador Resources provides operational update
Matador released a summary of the 24-hour Initial Potential, or IP, test results for wells it has drilled and completed in 2012, including the eleven most recent Eagle Ford wells it has completed and placed on production since its operational update providing similar information on September 27, 2012. These results are from wells for which Matador has filed, or will soon be filing, IP test results with the Texas Railroad Commission. With the exception of the number of frac stages, the results of these tests are a matter of public information via W-2 and G-1 forms filed by the Company with and available from the Texas Railroad Commission. As noted in the August 14, 2012 earnings release and the September 27, 2012 operational update, Matador has begun flowing back wells on smaller chokes after stimulation than it did initially, which appears to provide for better bottomhole pressure management, should keep the wells flowing longer before requiring artificial lift and may improve their long-term performance. The Company is pleased with the initial productivity of these recent wells, most of which have met or exceeded its expectations. As would be anticipated, flowing the wells back on smaller chokes typically results in lower flow rates but higher flowing pressures on these IP tests as compared to similar IP tests on earlier wells drilled in the same areas. Nevertheless, the results from several of these wells are particularly noteworthy. As a group, the Company’s six recent wells drilled and completed in DeWitt County have averaged 1,775 BOE per day at an average flowing pressure of approximately 5,800 psi, and as a specific example, in Karnes County, the Sickenius Orca 2H had an IP rate of 944 BOE per day at 2,000 psi flowing pressure on a 16/64 inch choke compared to an IP rate of 875 BOE per day at 820 psi flowing pressure on a 26/64 inch choke on the Sickenius Orca 1H well, suggesting a significant increase in well productivity for the Sickenius Orca 2H well. Although still early in the life of these wells, the Company attributes the improved performance of these more recent wells to a combination of improved stimulation design, better reservoir pressure maintenance and improved completion techniques, which appear to be arresting initial decline rates and may lead to better long-term performance and increased value for its Eagle Ford wells. IP data points should not be used alone to make an investment decision, but these points are provided in an effort to show the overall results of the Company’s Eagle Ford drilling program in 2012. As to future releases, Matador does not expect to release IP data as each well is drilled but rather once or twice a year in an effort to provide more comprehensive information and perspective about its overall drilling program. | |
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| May 8, 2013 | | 16:38 EDT | | MTDR | Matador sees FY13 oil production 1.8MBbl- 2MBbL
The company’s updated guidance for 2013 estimated oil production of 1.8 to 2M Bbl represents a significant year-over-year increase of 50% to 67%, as compared to the 1.2M Bbl of oil produced in 2012. | | | 16:35 EDT |  | MTDR | Matador reports Q1 EPS (28c) , consensus 10c
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