Matador acquires 5,154 net undeveloped acres in Delaware Basin

Matador (MTDR) announced the bolt-on acquisition of 5,154 net undeveloped acres in the core of the Delaware Basin as part of the Bureau of Land Management Oil and Gas Lease Sale this week. Joseph Foran, Matador’s founder, chairman and CEO, commented, “Matador is pleased to announce a $1.1 billion expansion of its premier Delaware Basin asset base in Southeast New Mexico through the recent BLM Lease Sale. The company acquired 5,154 net undeveloped acres, all of which are in the ‘core-of-the-core’ of the Delaware Basin and are strategic and highly complementary to Matador’s current acreage position. This acquisition not only extends the amount and the duration of Matador’s high-quality inventory and reserve base but also enhances the Company’s current assets with increased operating efficiencies. These lease acquisitions lend themselves to extended reach laterals of three miles or more, leveraging of existing facilities and infrastructure with Matador’s existing field teams, and increased midstream value from potential future volume additions in the Delaware Basin.”