Matador Resources closes public offering of common stock

Matador Resources Co. (NYSE: MTDR) closed the previously announced underwritten public offering of 6,000,000 shares of its common stock. Matador received net proceeds from this offering, before deducting estimated offering expenses, of approximately $146.2 million.

Matador intends to use the net proceeds from this offering to fund the aggregate purchase price for approximately 4,600 net leasehold acres and estimated current net production of approximately 1,150 barrels of oil equivalent per day from wells producing on this acreage in Eddy and Lea Counties, New Mexico as well as approximately 475 net mineral acres in Eddy and Lea Counties, New Mexico, to fund the capital expenditures for a number of midstream initiatives in the Delaware Basin that are either in progress or that Matador expects to begin by the end of the first quarter of 2017, to repay outstanding borrowings under its revolving credit facility and for general corporate purposes, including capital expenditures associated with the addition of a fourth drilling rig.

BofA Merrill Lynch, Wells Fargo Securities, BMO Capital Markets and SunTrust Robinson Humphrey acted as joint book-running managers for the offering.

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