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Chart Highlighting Growth In PV-10 (Graphic: Business Wire)

Stocks in this article: MTDR

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 an emphasis on oil and natural gas shale and other unconventional plays and with a current focus on its Eagle Ford operations in South Texas and its Permian Basin operations in Southeast New Mexico and West Texas, today provided an update on various aspects of its business.

Permian Basin Operations and Acreage Update

Matador is pleased to announce that its first horizontal well in Loving County, Texas, the Dorothy White #1H well, flowed 1,355 barrels of oil equivalent (“BOE”) per day, including 902 barrels (“Bbl”) of oil per day and 2.7 million cubic feet (“MMcf”) of natural gas per day (67% oil), at 3,711 psi on a 22/64-in choke during a 24-hour initial potential test. The Dorothy White #1H well is completed in the top portion of the Wolfcamp formation, the Wolfcamp “A”, at approximately 10,700-ft vertical depth, which is a highly geopressured interval having an estimated bottomhole pressure gradient of 0.8 psi/ft, implying a reservoir pressure of approximately 8,500 psi. Matador drilled and completed a 5,000-ft horizontal lateral in the Wolfcamp “A” and completed the well with 20 frac stages including approximately 200,000 Bbl of fluid and 9.8 million pounds of sand. The Dorothy White #1H well has not yet been on production for a full 30 days, but during the past three weeks, the well flowed at an average of 1,043 BOE per day, including 693 Bbl of oil per day and 2.1 MMcf of natural gas per day at approximately 3,600 psi, mostly on smaller chokes of 18/64-in to 20/64-in.

Matador continues to be pleased by the early performance of its first horizontal well in Lea County, New Mexico, the Ranger 33 State Com #1H. This well is a 4,300-ft horizontal lateral drilled and completed in the Second Bone Spring sand with 18 frac stages, including 165,000 Bbl of fluid and 7.5 million pounds of sand. The well was placed on production at the end of October 2013 and has continued to exhibit strong performance since that time. The well produced a total of approximately 15,000 Bbl of oil in December 2013 despite being shut in for several days while tubing and gas lift valves were installed. In January 2014, the well produced 15,400 Bbl of oil despite being shut in for two days due to weather. During January, the well averaged 583 BOE per day, including 531 Bbl of oil per day and 313 Mcf of natural gas per day (91% oil). In only about three months on production, including its initial cleanup phase, the well has already produced over 48,000 BOE, including approximately 44,000 Bbl of oil, and continues to flow with gas lift assist. These early results from the Ranger 33 State Com #1H and the Dorothy White #1H have exceeded the Company’s initial expectations for both wells.

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