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Chart Highlighting Various Aspects Of Matador's Growth On A Sequential Six-month Basis. (Graphic: Business Wire)

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 reported financial and operating results for the three months and year ended December 31, 2013. Headlines include the following:

  • Oil production of 2,133,000 Bbl for the year ended December 31, 2013, a year-over-year increase of 76% from 1,214,000 Bbl produced in 2012.
  • Average daily oil equivalent production of 11,740 BOE per day for the year ended December 31, 2013, consisting of 5,843 Bbl of oil per day and 35.4 MMcf of natural gas per day, a year-over-year BOE increase of 30% from 9,000 BOE per day, consisting of 3,317 Bbl of oil per day and 34.1 MMcf of natural gas per day, produced in 2012.
  • Oil and natural gas revenues of $269.0 million in 2013, a year-over-year increase of 72% from $156.0 million reported for the year ended December 31, 2012.
  • Adjusted EBITDA of $191.8 million for the year ended December 31, 2013, a year-over-year increase of 65% from $115.9 million reported for the year ended December 31, 2012.
  • Oil production of 1,225,000 Bbl for the six months ended December 31, 2013, a sequential increase of 35% from 908,000 Bbl produced in the six months ended June 30, 2013, and a year-over-year increase of 68% from 729,000 Bbl of oil produced in the six months ended December 31, 2012.
  • Oil and natural gas revenues of $151.5 million for the six months ended December 31, 2013, a sequential increase of 29% from $117.5 million reported for the six months ended June 30, 2013, and a year-over-year increase of 67% from $90.8 million in the six months ended December 31, 2012.
  • Adjusted EBITDA of $110.3 million for the six months ended December 31, 2013, a sequential increase of 35% from $81.5 million reported for the six months ended June 30, 2013, and a year-over-year increase of 65% from $66.7 million reported for the six months ended December 31, 2012.
  • Oil production of 608,000 Bbl for the fourth quarter of 2013, essentially flat as compared to 617,000 Bbl produced in the third quarter of 2013, despite 15 to 20% of production capacity shut in at various times during the fourth quarter, and a 43% year-over-year increase from 426,000 Bbl produced in the fourth quarter of 2012.
  • Oil and natural gas revenues of $69.7 million for the fourth quarter of 2013, a 32% year-over-year increase from $52.7 million reported during the fourth quarter of 2012.
  • Adjusted EBITDA of $48.8 million for the fourth quarter of 2013, a 28% year-over-year increase from $38.0 million reported during the fourth quarter of 2012.
  • Total proved oil and natural gas reserves of 51.7 million BOE at December 31, 2013, including 16.4 million Bbl of oil and 212.2 Bcf of natural gas, an increase of 117% in BOE from 23.8 million BOE, including 10.5 million Bbl of oil and 80.0 Bcf of natural gas, at December 31, 2012. PV-10 of total proved reserves of $655.2 million at December 31, 2013, as compared to $423.2 million at December 31, 2012.
  • Increased the borrowing base under its revolving credit facility to $385 million at March 12, 2014 based on the lenders' review of Matador’s December 31, 2013 oil and natural gas reserves, up from the previous borrowing base of $350 million and compared to $200 million in borrowings outstanding at December 31, 2013.
  • Acquired an additional 7,000 gross (5,300 net) acres primarily in Lea and Eddy Counties, New Mexico between January 1 and March 12, 2014, bringing the Company's total acreage position in the Permian Basin to approximately 77,800 gross (50,100 net) acres.
  • Announced the 24-hour initial potential from the Rustler Breaks 12-24-27 #1H well, Matador’s first Wolfcamp “B” horizontal well in Eddy County, New Mexico, at 987 BOE per day (44% oil), including 436 Bbl of oil per day and 3.3 MMcf of natural gas per day, at 3,000 pounds per square inch (psi) on a 24/64th inch choke.
  • Reaffirmed its full-year 2014 guidance estimates as provided at its Analyst Day on December 12, 2013, including (1) capital expenditures of $440 million, (2) oil production of 2.8 to 3.1 million Bbl, (3) natural gas production of 13.5 to 15.0 Bcf, (4) oil and natural gas revenues of $325 to $355 million and (5) Adjusted EBITDA of $235 to $265 million. Oil and natural gas revenues and Adjusted EBITDA guidance are based on an estimated realized oil price of $95.00 per barrel and an estimated realized natural gas price of $4.25 per Mcf for 2014.

Year End 2013 Financial Results

Joseph Wm. Foran, Matador's Chairman and CEO, commented, “2013 was another record year for Matador, and while we are very proud of our 2013 operating and financial accomplishments, we are looking forward to an even better year in 2014. During 2013, we increased earnings per share to $0.77 per common share from a loss of $0.62 per common share in 2012, with much of this increase due to the fact that we grew our oil production by more than 76% to 2.133 million Bbl from just over 1.2 million Bbl in 2012 and almost 14-fold from 154,000 Bbl in 2011. Oil production in 2013 constituted 50% of our total production by volume as compared to 37% in 2012 and only 6% in 2011. Our total proved oil and natural gas reserves increased 117% to 51.7 million BOE and our proved oil reserves increased 56% to 16.4 million Bbl at December 31, 2013, as compared to 23.8 million BOE and 10.5 million Bbl, respectively, at December 31, 2012. Adjusted EBITDA grew to $191.8 million in 2013, an increase of 65% from $115.9 million in 2012 and up almost four-fold from $49.9 million in 2011. Our total oil and natural gas production, total oil production, total proved reserves, proved oil reserves, proved natural gas reserves, oil and natural gas revenues and Adjusted EBITDA at and for the year ended December 31, 2013 were all the best in Matador’s history and either above or near the high end of 2013 guidance, which we revised upwards on November 6, 2013. These results reflect the continued successful execution of our stated goals at the time of our February 2012 initial public offering to significantly increase our oil production and oil reserves through our drilling operations in the Eagle Ford shale and to add the Permian Basin as one of our three main operating areas. During this time, our price per share has approximately doubled.

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