Matador Resources' CEO Joe Foran Presents at the IPAA OGIS New York Conference
DALLAS, Apr 19, 2012 (BUSINESS WIRE) --Matador Resources Company (NYSE: MTDR) ("Matador" or the "Company") announced today that Joseph Wm. Foran, Chairman, President and Chief Executive Officer, presented at the 2012 IPAA OGIS New York Conference on Wednesday, April 18, 2012.
Highlights of Mr. Foran's presentation included the following:
- First quarter 2012 oil production of approximately 200,000 barrels
- From April 1, 2012 through April 10, 2012, oil production in excess of 4,000 bbls per day
- Oil production expected to increase nearly ten-fold in 2012
- 94% of 2012 capital budget being directed to opportunities prospective for oil and liquids
- Affirmed guidance metrics previously announced on March 7, 2012 including (1) estimated capital spending of $313 million, (2) estimated total oil production of 1.4 to 1.5 million barrels, (3) estimated exit rate for oil production of 5,000 to 5,500 barrels per day and (4) estimated total natural gas production of 12.5 to 13.5 billion cubic feet.
The live webcast of Mr. Foran's presentation will be accessible for 12 months via the following link: http://www.investorcalendar.com/CEPage.asp?ID=168095 and can also be found at http://www.matadorresources.com under the Events page of the Investors section of the website for 12 months.
A copy of Mr. Foran's presentation is available at http://www.matadorresources.com under the Presentations page of the Investors section of the website.
This press release and statements made by representatives of Matador Resources Company ("Matador" or the "Company") during the course of this press release include "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" 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. These forward-looking statements involve certain risks and uncertainties and ultimately may not prove to be accurate, including, but not limited to, the following risks related to our financial and operational performance: general economic conditions; our ability to execute our business plan, including the success of our drilling program; changes in oil, natural gas and natural gas liquids prices and the demand for oil, natural gas and natural gas liquids; our ability to replace reserves and efficiently develop our current reserves; our costs of operations, delays and other difficulties related to producing oil, natural gas and natural gas liquids; our ability to make acquisitions on economically acceptable terms; availability of sufficient capital to execute our business plan, including from our future cash flows, increases in our 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 Annual Report on Form 10-K for the year ended December 31, 2011. 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. 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.
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 a particular emphasis on oil and natural gas shale plays and other unconventional resource plays. Its current operations are located primarily in the Eagle Ford shale play in south Texas and the Haynesville shale play in northwest Louisiana and east Texas.
For more information visit Matador Resources Company on the Internet at http://www.matadorresources.com.
SOURCE: Matador Resources Company
Matador Resources Company
Wade Massad, 972-371-5293
Executive Vice President - Capital Markets