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.
The Company is also pleased to announce that its average production rate during the month of December 2012 was approximately 5,800 barrels of oil per day and 34.6 million cubic feet of gas per day, or approximately 11,500 BOE per day. The average oil rate for December of 5,800 barrels per day was about 10% higher than the midpoint of the Company’s 2012 exit rate guidance of 5,000 to 5,500 barrels per day. The December 2012 average daily oil rate is up about 75% from Matador’s third quarter 2012 average daily oil production of approximately 3,300 barrels and up almost 13-fold compared to its fourth quarter 2011 average daily oil production of approximately 450 barrels.
As discussed in its December 6, 2012 Analyst Day presentation, the Company anticipates that it will be necessary to shut-in 15% to 20% of its current production capacity during 2013 as it resumes the drilling and completion of development wells on certain properties where wells have previously been drilled. Currently producing wells will be shut-in from time to time as a precautionary measure to reduce possible hydraulic interference between these wells and the stimulation operations associated with newly drilled offsetting wells. The majority of the shut-in periods will occur during the first and second quarters of 2013. The Company will continue to evaluate these shut-in periods in order to determine an optimized shut-in schedule for producing wells within close proximity to ongoing stimulation operations.
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