Latest News
Matador Resources Agrees to Delaware Basin Acquisition
Tuesday 24 January 2023

A wholly-owned subsidiary of Texas, US-based energy company Matador Resources Company (NYSE: MTDR) has entered into a definitive agreement to acquire Advance Energy Partners Holdings, LLC, including certain oil and natural gas producing properties and undeveloped acreage located in Lea County, New Mexico and Ward County, Texas, the company said.

The consideration for the Advance Transaction will consist of an initial cash payment of USD 1.6bn, subject to customary closing adjustments, plus additional cash consideration of USD 7.5m for each month during 2023 in which the average oil price as defined in the securities purchase agreement exceeds USD 85 per barrel.

Advance is a portfolio company of EnCap Investments L.P.

The Advance Transaction is subject to customary closing conditions and is expected to close early in the second quarter of 2023 with an effective date of January 1, 2023.

Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays.
Details
Date Published: 24/01/2023

Options