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Matador Acquires Additional Land in Delaware from Advance Energy for $1.6 Billion
05/08/2023
Matador Resources Co. is making a big move in the oil and gas industry by acquiring Advance Energy Partners Holdings LLC, a major player in the northern Delaware Basin. The acquisition, which comes with a hefty price tag of at least $1.6 billion in cash, includes valuable assets in Lea County, N.M., and Ward County, Texas, as well as key midstream infrastructure.
The newly acquired 18,500 net acres, with 99% held by production, are strategically located in Matador's Ranger asset area in Lea County, providing the company with a significant boost in its drilling inventory. With 406 gross (203 net) drillable horizontal locations in the Wolfcamp, Bone Spring, and Avalon formations, Matador's prospects for growth are looking very promising indeed.
The Advance Energy acquisition has brought significant drilling potential to Matador, as Advance Energy is currently operating one drilling rig to drill 21 gross (19 net) wells in the northern part of Matador's Antelope Ridge asset area in Lea County. While the wells are not expected to be turned to sales until early 2024, the potential for increased production is high.
Matador's acquisition of Advance Energy has also resulted in the addition of approximately 35 miles of gas and water gathering pipelines to their infrastructure. Additionally, the company has purchased an active Devonian Salt Water Disposal well with strong injection capabilities, further enhancing its capacity for oil and gas production.
One of the most exciting aspects of the Advance Energy deal for Matador is the potential for undedicated acreage to be connected to their midstream subsidiary, Pronto Midstream LLC. This could provide enhanced flow assurance and even increase midstream value, offering significant benefits for the company's growth and success in the industry.
Matador’s Assets in Spotlight
Matador Resources is a leading oil and gas company with a focus on the exploration, development, and production of oil and gas assets:
- Over 190,000 net acres in the Delaware Basin, one of the most productive areas in the Permian Basin.
- Within the Delaware Basin, Matador's assets include the Wolf and Rustler/Spraberry formations, which are rich in oil and natural gas liquids.
- The company also has significant holdings in the Eagle Ford shale in South Texas, where the company is a major player in the region's oil and gas industry.
- Focus on horizontal drilling, which allows for greater efficiency and increased production. The company has a successful track record of horizontal drilling programs in the Delaware Basin and other regions.
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Callon Acquires $1.1 Billion Delaware Assets and Bows Out of Eagle Ford - Here's What You Need to Know
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Callon is set to purchase Percussion Petroleum's Delaware assets for $475 million while selling its Eagle Ford assets to Ridgemar for $655 million. In a strategic step to optimize its operations, Callon Petroleum recently made headlines by sealing two deals on May 3, totaling a staggering $1.13 billion. The company is taking confident steps to bolster its presence in the Delaware Basin while bidding farewell to its stake in the Eagle Ford Shale.
Energy Giant Baytex Makes a Bold Move: Snaps Up Ranger Oil in $2.5 Billion Deal
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Baytex Energy Group has announced that it will acquire Eagle Ford exploration and production company, Ranger Oil, for approximately $2.5 billion in cash and stock, which includes taking over the company's existing debt. Upon the successful closure of the acquisition, Baytex will have a controlling stake of approximately 63% in the newly merged company, leaving Ranger shareholders with around 37%. This significant move is in line with a trend of substantial mergers and acquisitions in the Eagle Ford area, with Marathon Oil, Devon Energy, and Chesapeake Energy among the companies involved in recent transactions.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/184Blog_Rangeland Energy Divests Canadian Pipeline to Kingston Midstream.png)
Rangeland Energy has agreed to sell Rangeland Midstream Canada to Kingston Midstream Alberta and remains committed to future Canadian midstream investments. Texas-based Rangeland Energy, supported by financial partner EnCap Flatrock Midstream, has inked a deal to sell its Canadian subsidiary, Rangeland Midstream Canada Ltd., to Calgary's Kingston Midstream Alberta Ltd. for cash.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/187Blog_ONEOK Completes Acquisition of Magellan Midstream.png)
The merger between ONEOK and Magellan received approval from Magellan shareholders, securing just 55% of the total votes at Magellan’s meeting on Sept. 21. ONEOK Inc. has successfully concluded the acquisition of Magellan Midstream Partners LP on Sept. 25. The deal will bring together their respective assets and expertise, resulting in a powerful entity boasting an extensive network of approximately 25,000 miles of pipelines primarily focused on transporting liquids.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/186Blog_Viper Energy Secures $1 Billion in Permian.png)
Viper Energy's deal, comprised of cash and equity, secures an additional 2,800 net royalty acres in the Midland Basin and 1,800 in the Delaware Basin. Viper Energy Partners LP, a Diamondback Energy Inc. subsidiary, has inked a deal to acquire mineral and royalty interests in the Permian Basin. The deal, valued at around $1 billion, is with Warwick Capital Partners and GRP Energy Capital. Viper was established by Diamondback with the purpose of owning, purchasing, and capitalizing on oil and natural gas assets in North America, specifically targeting mineral and royalty interests.