Energy
Matador finishes EnCap asset acquisitions in Delaware Basin
Matador Resources has concluded its purchase of Ridge Runner Resources, following its earlier acquisition of Paloma Permian.
Key points
- Matador finalized the acquisition of Ridge Runner Resources from EnCap Investments.
- The transaction expands Matador's position in the Woodford play to roughly 50,000 net acres.
- The company plans to drill a second Woodford well during the current quarter.
What happened
According to Rigzone, Matador Resources Co has finalised the purchase of Ridge Runner Resources 2 LLC from EnCap Investments LP. The transaction covers operations in the Woodford shale across Southeast New Mexico and West Texas. This follows the conclusion of Matador's acquisition of Paloma Permian LLC.
Founder, chair and chief executive Joseph Wm Foran stated that the company has now completed the last of four catalysts identified for 2026. The latest purchase brings Matador's total acreage in the Woodford play to approximately 50,000 net acres.
Why it matters
Rigzone reported that the Ridge Runner assets add over 150 net operated Woodford locations. Matador also noted that its initial Woodford exploration well indicated potential recoveries exceeding 800,000 barrels of oil.
Furthermore, the earlier Paloma acquisition contributes about 11,100 barrels of oil equivalent per day to production figures. Matador anticipates that integrating these assets will support free cash flow generation and assist with planned debt repayments.
What comes next
Building on the initial exploration results, Matador intends to drill a second Woodford well this quarter. The company aims to prepare for an active development schedule through 2027, focusing on multi-well batch drilling and longer lateral lengths to achieve cost efficiencies.
Original reporting
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