Matador Wins BLM Permits To Drill Rodney Robinson Wells
Zacks Investment Research | Sep 24, 2019 11:26PM ET
Matador Resources Company (NYSE:MTDR) recently announced the six drilling permits that it has received from the U.S. Bureau of Land Management (BLM) for its Western Antelope Ridge asset area.
The company had envisioned getting these permits by third-quarter end or early fourth quarter this year. Further, Matador informed that it already started its drilling operations at these ‘Rodney Robinson’ wells in the Western Antelope Ridge asset area.
Last September, Matador acquired the 1,200-acre Rodney Robinson tract among others from the BLM New Mexico Oil and Gas Lease Sale, which happened to be the largest auction in the last 10 years. These six wells, two-mile lateral each, are expected to be drilled from two separate three-well pads. The wells are planned to be completed and made ready for sale in early 2020.
Matador is awaiting its pending drilling permits from the BLM and plans to begin operations on its 2,800 (gross and net) acre Stateline asset area — also acquired as part of the BLM lease sale — early next year.
The Rodney Robinson drilling permits are likely to help Matador continue with its strong momentum in production. The company plans to boost its year-over-year output despite lower capital spending through 2019 reflects an improving operational and capital efficiency. Notably, Matador estimates oil production through 2019 in the band of 13.3-13.45 million barrels, reflecting an increase from 2018’s reported figure of 11.14 million barrels. These drilling permits will aid Matador to reach a step closer to its projected target.
Matador is among the leading oil and gas explorer in the shale and unconventional resources in the United States. The company’s upstream operations are primarily concentrated in the Delaware and Midland Basins — two sub-basins of Permian — and South Texas’ Eagle Ford shale. The company, founded in 1983, also operates in the Cotton Valley and Haynesville shale resources.
Matador Resources Company Price
Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.