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July 30, 2014
16:12 EDTMTDRMatador provides operational update at Permian Basin
Matador Resources announced the 24-hour initial potential test results of two of its most recent wells completed in the Permian Basin. In the Wolf prospect area of Loving County, Texas, the Norton Schaub #1H well flowed 1,026 BOE per day, including 706 Bbl of oil per day and 1,922 Mcf of natural gas per day, at 69% oil, at 3,000 pounds per square inch, or psi, surface pressure on a 22/64th inch choke during its 24-hour initial potential test in mid-July 2014. Matador drilled a 4,700-ft horizontal lateral in the Norton Schaub #1H and completed this well with 20 frac stages, including approximately 200K Bbl of fluid and 9.8M pounds of sand. In the Ranger prospect area in Lea County, New Mexico, the Pickard State 20-18-34 #1H well flowed 592 BOE per day, including 535 Bbl of oil per day and 340 Mcf of natural gas per day, at 90% oil, at 750 psi surface pressure on a 22/64th inch choke during its 24-hour initial potential test in late July. Matador began 2014 with approximately 70,800 gross acres in the Permian Basin in Southeast New Mexico and West Texas. Between January 1 and July 30, Matador acquired an additional 23,200 gross acres in this area, primarily in Loving County, Texas and in Lea and Eddy Counties, New Mexico. Including these acreage acquisitions at July 30, Matadorís total Permian Basin acreage position is approximately 94K gross acres.
News For MTDR From The Last 14 Days
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October 1, 2015
16:16 EDTMTDREnLink Midstream Partners completes acquisition of Delaware Basin assets
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September 28, 2015
13:01 EDTMTDRAnalyst says Sanchez Energy's asset sale to strengthen liquidity position
Shares of Sanchez Energy (SN) surged after the company said it plans to sell certain Eagle Ford Shale midstream assets to Sanchez Production Partners (SPP) for $345M. WHAT'S NEW: Sanchez Energy said it reached an agreement with Sanchez Production Partners under which SPP will acquire and operate certain midstream assets located on the Western part of its Catarina asset in the Eagle Ford Shale in South Texas for cash consideration of roughly $345M. As part of the divestiture, Sanchez Energy said it will sell roughly 150 miles of midstream gathering lines and associated midstream infrastructure concentrated in four gathering and processing facilities. The deal is expected to close in October. In a statement, Sanchez Energy chief Executive Officer Tony Sanchez III said the midstream sale "highlights our ability to capture the full spectrum of value in our asset base, raise capital outside of traditional markets and improve our financial flexibility." Sanchez Energy also confirmed this morning that its third quarter 2015 average production will "likely meet or exceed" the high end of the previous guidance range of 46,000-50,000 barrels of oil equivalent per day. The company said it is still confident that it can build a 20-30 well bank toward its 50-well per year drilling commencement at Catarina at its current rig count. WHAT'S NOTABLE: Affiliates of Pioneer Natural Resources (PXD) and Reliance Holding USA sold off pipelines and other midstream assets in the Eagle Ford to Enterprise Product Partners (EPD) in July for $2.15B to be paid in two installments, and Matador Resources (MTDR) recently sold off similar assets to EnLink Midstream Partners (ENLK) for $143M. Meanwhile, Sanchez Production Partners said it will recommend that the board of directors of its general partner approve a plan to start distributions at an initial annualized rate of $1.60 per share. STREET RESEARCH: Northland Capital Markets analyst Jeff Grampp said that the proceeds from the announced asset sale will strengthen Sanchez Energy's "already meaningful" liquidity position and set up the company well for opportunistic acquisitions. The analyst said that even though the company previously discussed the possible sale of midstream assets, the move's value capture is "meaningfully positive" and underappreciated by the market. Grampp reiterated an Outperform rating and $12 price target on the stock. PRICE ACTION: In midday trading, Sanchez Energy is up 5.82% to $5.64 and Sanchez Production Partners is up 88.89% to $8.84.

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