Matador Resources Company Announces Start-up of Rustler Breaks Cryogenic Natural Gas Processing Plant
August 29 2016 - 6:00AM
Business Wire
Matador Resources Company (NYSE: MTDR) (“Matador” or the
“Company”) today announced the successful start-up last week of the
Black River cryogenic natural gas processing plant Matador built in
its Rustler Breaks prospect area in the Delaware Basin of Eddy
County, New Mexico. The Black River processing plant has an inlet
capacity of approximately 60 million cubic feet of natural gas per
day, which is almost twice the size of the previous cryogenic
processing plant Matador built in its Wolf prospect area and
subsequently sold to an affiliate of EnLink Midstream, LLC. This
new plant will support Matador’s ongoing and future development
efforts at Rustler Breaks. Matador has also completed the
installation and testing of a 12-inch natural gas gathering line
running throughout the length of its Rustler Breaks acreage
position, and this natural gas gathering line is now operational
and being used to gather much of Matador’s natural gas production
at Rustler Breaks.
Mr. Joseph Wm. Foran, Chairman and Chief Executive Officer of
Matador, said, “We are excited to announce we have successfully
brought the Black River cryogenic processing plant online both on
time and on budget. The plant provides Matador with priority one
takeaway and processing for our Rustler Breaks natural gas
production and should also provide additional income through the
processing of third-party natural gas. As a result of the strong
execution of our midstream team, we believe we have generated
significant value for our shareholders. These efforts include
ensuring adequate firm takeaway capacity for our natural gas
production in the Rustler Breaks prospect area and continuing to
operate the salt water disposal assets and the three separate
pipeline systems, which we retained in Wolf and which gather oil,
natural gas, and water for our growing production in the area.”
Please direct any commercial inquiries about the Rustler Breaks
natural gas processing plant and related gathering and processing
services provided in the Rustler Breaks area to Matt Spicer, Vice
President and General Manager of Midstream, at (972) 371-5200 or
midstream@matadorresources.com.
About Matador Resources Company
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. Its current
operations are focused primarily on the oil and liquids-rich
portion of the Wolfcamp and Bone Spring plays in the Delaware Basin
in Southeast New Mexico and West Texas. Matador also operates in
the Eagle Ford shale play in South Texas and the Haynesville shale
and Cotton Valley plays in Northwest Louisiana and East Texas.
For more information, visit Matador Resources Company at
www.matadorresources.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. “Forward-looking statements” are statements related to
future, not past, events. Forward-looking statements are based on
current expectations and include any statement that does not
directly relate to a current or historical fact. In this context,
forward-looking statements often address expected future business
and financial performance, and often contain words such as “could,”
“believe,” “would,” “anticipate,” “intend,” “estimate,” “expect,”
“may,” “should,” “continue,” “plan,” “predict,” “potential,”
“project,” “hypothetical,” “forecasted” and similar expressions
that are intended to identify forward-looking statements, although
not all forward-looking statements contain such identifying words.
Actual results and future events could differ materially from those
anticipated in such statements, and such forward-looking statements
may not prove to be accurate. These forward-looking statements
involve certain risks and uncertainties, including, but not limited
to, the following risks related to financial and operational
performance: general economic conditions; the Company’s ability to
execute its business plan, including whether its drilling program
is successful; changes in oil, natural gas and natural gas liquids
prices and the demand for oil, natural gas and natural gas liquids;
its ability to replace reserves and efficiently develop current
reserves; costs of operations; delays and other difficulties
related to producing oil, natural gas and natural gas liquids; its
ability to integrate acquisitions, including the merger with Harvey
E. Yates Company; its ability to make other acquisitions on
economically acceptable terms; availability of sufficient capital
to execute its business plan, including from future cash flows,
increases in its borrowing base and otherwise; weather and
environmental conditions; and other important factors which could
cause actual results to differ materially from those anticipated or
implied in the forward-looking statements. For further discussions
of risks and uncertainties, you should refer to Matador’s SEC
filings, including the “Risk Factors” section of Matador’s most
recent Annual Report on Form 10-K and any subsequent Quarterly
Reports on Form 10-Q. Matador undertakes no obligation and does not
intend to update these forward-looking statements to reflect events
or circumstances occurring after the date of this press release,
except as required by law, including the securities laws of the
United States and the rules and regulations of the SEC. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
All forward-looking statements are qualified in their entirety by
this cautionary statement.
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Matador Resources CompanyMac Schmitz, 972-371-5225Capital
Markets Coordinatormschmitz@matadorresources.com
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