Matador Resources Company Announces Extension of Revolving Credit Facility Maturity Date and Reaffirmation of Borrowing Base
Matador Resources Company (NYSE: MTDR) (“Matador”) today reported that,
effective October 16, 2015, it amended its revolving credit facility to
extend the maturity date from December 29, 2016 to October 16, 2020. In
connection with the amendment, Matador’s lenders unanimously reaffirmed
the borrowing base under the revolving credit facility at $375.0
million, and the maximum facility amount remained unchanged at $500.0
million.
Matador also announced today the results of its previously announced
offering to exchange (the “Exchange Offer”) $400 million of its
outstanding 6.875% Senior Notes due 2023, which were privately placed on
April 14, 2015, for a like principal amount of 6.875% Senior Notes due
2023 that have been registered under the Securities Act of 1933, as
amended (the “Securities Act”). As of 5:00 p.m., New York City time, on
October 20, 2015, the expiration date for the Exchange Offer (the
“Expiration Date”), holders of 100.0% of the principal amount of the
outstanding notes had validly tendered pursuant to the terms of the
Exchange Offer. The settlement of the Exchange Offer occurred on October
21, 2015.
This press release shall not constitute an offer to exchange nor a
solicitation of an offer to exchange the original notes. The Exchange
Offer was made only by the prospectus dated September 17, 2015, and only
to such persons and in such jurisdictions as is permitted under
applicable law.
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 an emphasis on oil and natural gas shale and
other unconventional plays. Its current operations are focused primarily
on the Wolfcamp and Bone Spring plays in the Permian Basin in Southeast
New Mexico and West Texas. Matador also operates in the oil and
liquids-rich portion of the Eagle Ford shale play in South Texas and in
the Haynesville shale and Cotton Valley plays in Northwest Louisiana and
East Texas.
Forward-Looking Statements
This press release includes “forward-looking statements” within the
meaning of Section 27A of the Securities Act 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, and such
forward-looking statements may not prove to be accurate. These
forward-looking statements involve certain risks and uncertainties,
including, but not limited to, the following risks related to financial
and operational performance: general economic conditions; the Company’s
ability to execute its business plan, including whether its drilling
program is successful; changes in oil, natural gas and natural gas
liquids prices and the demand for oil, natural gas and natural gas
liquids; its ability to replace reserves and efficiently develop current
reserves; costs of operations; delays and other difficulties related to
producing oil, natural gas and natural gas liquids; its ability to make
acquisitions on economically acceptable terms; its ability to integrate
acquisitions, including the HEYCO merger; availability of sufficient
capital to execute its business plan, including from future cash flows,
increases in its 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 filings with the SEC,
including the “Risk Factors” section of Matador’s most recent Annual
Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.
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,
including the securities laws of the United States and the rules and
regulations of the SEC. 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.
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