Matador reports initial production from 21 Margarita wells

Matador Resources announced initial production results from its 21 Margarita wells that were acquired in connection with the purchase of Advance Energy Partners Holdings, LLC in April 2023. Matador’s record production of over 135,000 barrels of oil equivalent per day during the third quarter of 2023 was driven in part by the 21 Margarita wells that were acquired in connection with the purchase of Advance in April 2023. These wells are located in our Ranger asset area in Lea County, New Mexico, and each has a lateral length of 2.25-miles, resulting in approximately 240,000 completed lateral feet, which is the largest single batch development project in Matador’s history. These 21 wells were completed and turned to sales beginning in mid-August 2023. Matador reported that the 24-hour initial production test results from the 21 wells averaged approximately 1,600 BOE per day with high oil cuts averaging approximately 84%. These 21 wells were drilled in five different intervals in the Delaware Basin-the Second Bone Spring Carbonate, Second Bone Spring Sand, Third Bone Spring Carbonate, Third Bone Spring Sand and Wolfcamp A.