Matador Resources closes Ridge Runner acquisition, adds 50,000 acres

Matador Resources Company (NYSE: MTDR) has closed its acquisition of approximately 13,600 net acres from Ridge Runner Resources II, LLC, a portfolio company of EnCap Investments L.P., bringing its total acreage position in the Woodford play to approximately 50,000 net acres.

The combined acreage was acquired across more than 400 separate transactions at an average cost of $4,000 per acre, according to a company statement. The acquisition adds over 150 net operated Woodford locations, normalized to two-mile laterals, at approximately $1.3 million per net location.

Matador's first Woodford well, the Rae's Creek, has produced an average of over 1,000 barrels of oil per day in its first 100 producing days, for cumulative production of over 100,000 barrels of oil. The company said results are on track to surpass its initial estimated ultimate recovery of 800,000 barrels of oil.

A second Woodford well is expected to be drilled in the fourth quarter of 2026, with plans to drill up to 15 wells by year-end 2027. The company's 2027 Woodford strategy will include multi-well batch drilling, three-mile lateral lengths, and co-development with adjacent horizons, targeting well-cost savings of 30% to 40%.

Chairman and CEO Joseph Wm. Foran said the company expects debt repayments by year-end to reach between $350 million and $400 million. He noted this transaction represents the final of four previously identified 2026 catalysts for the company.

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