DALLAS--(BUSINESS WIRE)--Apr. 15, 2013--
Matador Resources Company (NYSE:MTDR) (“Matador” or the “Company”), an
independent energy company engaged in the exploration, development,
production and acquisition of oil and natural gas resources, with a
particular emphasis on oil and natural gas shale plays and other
unconventional plays and currently focused on its Eagle Ford operations
in South Texas, today provided this operational update and announced the
appointment of a new member to its Board of Directors.
Matador announced first quarter 2013 oil and natural gas production of
approximately 460,000 Bbl and 3.1 Bcf, respectively, compared to
approximately 200,000 Bbl of oil and 3.2 Bcf of natural gas produced in
the first quarter of 2012 and compared to guidance provided on Analyst
Day on December 6, 2012 of approximately 360,000 Bbl of oil and 2.8 Bcf
of natural gas. This increase was due primarily to the improved
performance and productivity of its recent Eagle Ford wells as well as
production increases resulting from the initiation of artificial lift
operations on various producing wells. More specifically, Matador’s
first quarter oil equivalent production was approximately 10,900 BOE per
day, including approximately 5,100 Bbl of oil per day and 34.7 MMcf of
natural gas per day, which was above the Company’s estimates of
approximately 4,000 Bbl of oil per day and 31.1 MMcf of natural gas per
day for the quarter as announced at Analyst Day on December 6, 2012.
Matador’s first quarter oil production of 460,000 Bbl was a sequential
increase of approximately 8% from 426,000 Bbl of oil produced in the
fourth quarter of 2012. Notably, this increase has occurred despite the
fact that about 10% of the Company’s Eagle Ford productive capacity was
shut-in at various times during the quarter and that Matador has not
added a new producing well since early February, due to its practice of
pad drilling and simultaneous hydraulic fracturing operations.
Matador completed and began producing oil and natural gas from four
operated Eagle Ford shale wells, all in LaSalle County, during January
and early February 2013 and anticipates completing and initiating
production from seven operated Eagle Ford shale wells during the second
quarter, three in DeWitt County in late April and four in LaSalle County
in late May. Beginning in late April, Matador plans to have one
contracted drilling rig operating in LaSalle County in South Texas,
while a second contracted drilling rig will initiate a three-well
testing program of its acreage position in Southeast New Mexico and West
Texas. The Company currently plans to resume its two-rig Eagle Ford
drilling program in the third quarter of 2013.
The Company is also pleased to announce the addition of Mr. Carlos M.
Sepulveda, Jr. to its Board of Directors. Carlos is currently the
President and CEO of Interstate Battery System International, Inc.,
Chairman of the Board of Triumph Bancorp, Inc. and Director and Chairman
of the Audit Committee of Cinemark Holdings, Inc. He will be retiring in
May 2013 from Interstate Battery System International, Inc., but will
continue serving as a director of the company. Carlos holds a Bachelor
of Business Administration degree, majoring in accounting and graduating
with highest honors, from The University of Texas at Austin.
Joseph Wm. Foran, Matador’s Chairman, President and CEO commented, “We
are very pleased by the strong production results achieved in early 2013
in our Eagle Ford program in South Texas and have been particularly
encouraged by the performance of several of our recent wells, which
reflects the continued improvements we are making in all aspects of our
drilling, completion and production operations in South Texas. We are
also looking forward to having Carlos, a long-time shareholder, on our
Board with his experience not only in building a company but also his
financial expertise and familiarity with the Company. We know that he
will make immediate contributions in a number of areas.”
Forward-Looking Statements
This press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
"Forward-looking statements" are statements related to future, not past,
events. Forward-looking statements are based on current expectations and
include any statement that does not directly relate to a current or
historical fact. In this context, forward-looking statements often
address expected future business and financial performance, and often
contain words such as "could," "believe," "would," "anticipate,"
"intend," "estimate," "expect," "may," "should," "continue," "plan,"
"predict," "potential," "project" and similar expressions that are
intended to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. Actual
results and future events could differ materially from those anticipated
in such statements, and such forward-looking statements may not prove to
be accurate. These forward-looking statements involve certain risks and
uncertainties, including, but not limited to, the following risks
related to financial and operational performance: general economic
conditions; our ability to execute our business plan, including whether
our drilling program is successful; changes in oil, natural gas and
natural gas liquids prices and the demand for oil, natural gas and
natural gas liquids; our ability to replace reserves and efficiently
develop current reserves; costs of operations; delays and other
difficulties related to producing oil, natural gas and natural gas
liquids; our ability to make acquisitions on economically acceptable
terms; availability of sufficient capital to execute our business plan,
including from future cash flows, increases in our borrowing base and
otherwise; weather and environmental concerns; and other important
factors which could cause actual results to differ materially from those
anticipated or implied in the forward-looking statements. For further
discussions of risks and uncertainties, you should refer to Matador's
SEC filings, including the "Risk Factors" section of Matador's Annual
Report on Form 10-K for the year ended December 31, 2012. Matador
undertakes no obligation and does not intend to update these
forward-looking statements to reflect events or circumstances occurring
after the date of this press release, except as required by law,
including the securities laws of the United States and the rules and
regulations of the SEC. You are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date of
this press release. All forward-looking statements are qualified in
their entirety by this cautionary statement.
About Matador Resources Company
Matador is an independent energy company engaged in the exploration,
development, production and acquisition of oil and natural gas resources
in the United States, with a particular emphasis on oil and natural gas
shale plays and other unconventional resource plays. Its current
operations are focused primarily on the oil and liquids rich portion of
the Eagle Ford shale play in South Texas and the Wolfcamp and Bone
Spring plays in West Texas and Southeast New Mexico. Matador also
operates in the Haynesville shale and Cotton Valley plays in Northwest
Louisiana and East Texas.
For more information visit Matador Resources Company at www.matadorresources.com.
Source: Matador Resources Company
Matador Resources Company
Mac Schmitz, 972-371-5225
Investor
Relations
mschmitz@matadorresources.com
