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Matador Resources to Acquire Paloma Permian for $1.28 Billion

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Matador Resources (MTDR) said Thursday that its wholly owned subsidiary signed a definitive agreement to acquire Paloma Permian, an EnCap portfolio company, for $1.28 billion.

The acquisition, expected to close in Q4, includes 16,235 net undeveloped acres in Eddy and Lea Counties, New Mexico, and estimated Q3 production of about 11,100 barrels of oil equivalent per day.

Additionally, the company said it agreed to acquire primarily undeveloped acreage in the Woodford play in West Texas and Southeast New Mexico from Ridge Runner Resources II, another EnCap portfolio company.

Matador said it expects to fund the acquisitions with cash on hand and borrowings under its existing reserve-based lending credit facility.

The company also reported results from its Rae's Creek exploratory Woodford well in Southeast Lea County, New Mexico, with initial production exceeding 2,200 barrels of oil equivalent per day.

Shares of Matador were down 1.6% in Thursday trading.

Price: $54.13, Change: $-0.86, Percent Change: -1.56%

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