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Matador Resources Company announced the affirmation of the borrowing base under its reserves-based credit facility at $900 million, as well as a $50 million increase to the San Mateo Midstream, LLC credit facility from $325 million to $375 million. San Mateo is the Company's midstream joint venture owned 51% by Matador and 49% by Five Point Energy.
As part of the fall 2019 redetermination process, Matador's lenders recently completed their review of the Company's proved oil and natural gas reserves at June 30, 2019. As a result, Matador's borrowing base under its reserves-based credit facility was affirmed by its lenders at $900 million, despite lower commodity pricing assumptions.
San Mateo Midstream Increase
The lenders that are parties to the San Mateo revolving credit facility increased their lending commitments by $50 million from $325 million to $375 million.
At September 30, 2019, San Mateo had $260.0 million in aggregate borrowings outstanding under the San Mateo Credit Facility and $16.2 million in outstanding letters of credit issued pursuant to the San Mateo Credit Facility.
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