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Matador Shuffles Management Team; Makes Several Appointments

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   |    Tuesday,January 11,2022

Matador Resources Co. reported the promotions of Billy E. Goodwin to President - Operations and Van H. Singleton, II to President - Land, A&D and Planning, both effective March 31, 2022.

Additionally, after 17 years with Matador, Matthew V. Hairford is retiring as President as of March 31, 2022, when he will be 61 years old, and is transitioning to a new role as a Special Advisor to Matador's Board of Directors and Executive Committee.

Also, David E. Lancaster, 65, whose service to the Company dates back to 2003, has announced his plan to retire as Executive Vice President and Chief Financial Officer at the same time and is also transitioning to new duties as a Special Advisor to Matador's Board of Directors and Executive Committee.

In assuming the roles of Special Advisors, Mr. Hairford and Mr. Lancaster are expected to work on various special projects and Board matters of significance to Matador through December 31, 2023.

Upon Mr. Lancaster's assumption of his Special Advisor role, his former responsibilities as CFO and leader of the planning process of Matador will be assumed by a diverse and highly experienced team currently supporting Mr. Lancaster's activities.

The team will include Christopher P. Calvert, Senior Vice President of Operations, W. Thomas Elsener, Senior Vice President of Reservoir Engineering and Senior Asset Manager, Robert T. Macalik, Senior Vice President and Chief Accounting Officer, Glenn W. Stetson, Senior Vice President of Production, and Michael D. Frenzel, Senior Vice President and Treasurer, who will also serve as principal financial officer of the Company. All five of these officers have already served in key leadership roles with the Company and have been actively involved in Matador's finance, banking, planning, operations, accounting and investor relations activities, in Matador's drilling and acquisition programs and in San Mateo's business activities.

After this transition, the roles of Matador's five main executive officers are set forth below. Such officers already serve on the Company's Executive Committee in various capacities.



Joseph Wm. Foran

Founder, Chairman of the Board and Chief Executive Officer

Billy E. Goodwin

President - Operations

Van H. Singleton, II

President - Land, Acquisitions and Divestitures and Planning

Craig N. Adams

Executive Vice President, Co-Chief Operating Officer, Chief of Staff and Corporate Secretary

G. Gregg Krug

Executive Vice President - Marketing and Midstream Strategy

About Goodwin

  • Mr. Goodwin, age 64, joined the Company in July 2010 as its Drilling Manager. In September 2013 he was named Vice President of Drilling. In February 2016, he was promoted to Senior Vice President-Operations and to Executive Vice President and Head of Operations in August 2017. He assumed the role of Executive Vice President and Chief Operating Officer-Drilling, Completions & Production in April 2019. Mr. Goodwin has been instrumental in streamlining and improving Matador's operations across the board, which has led to significant improvements in capital and operating efficiency over the past few years. He has been responsible for guiding the Company's successful transition to drilling longer horizontal laterals and was also the principal architect of MAXCOM, Matador's 24/7 drilling operations center, which has resulted in almost 200 internal drilling records and millions of dollars saved in capital expenditures over the past few years. Mr. Goodwin was previously with Samson Resources, a company he joined in 2001 to supervise the drilling of underbalanced multilateral horizontal wells. In his roles as Senior Drilling Engineer and Area Drilling Manager for Samson, Mr. Goodwin engineered and managed operations in the Permian Basin, South Texas, East Texas, Mid-Continent and Gulf Coast areas. Mr. Goodwin worked with Conoco, Inc. before joining Samson. He began his career in 1985 in Conoco's production department before joining the drilling department in 1989. Mr. Goodwin has diverse horizontal operational experience both onshore and offshore, and both domestically and internationally, including in the Middle East, Southeast Asia and South America. Throughout his career, Mr. Goodwin has developed underbalanced drilling, managed pressure drilling and drill-in casing techniques for normal and geo-pressured environments. Mr. Goodwin received a Bachelor of Science degree in Petroleum Engineering Technology from Oklahoma State University in 1984. He is a member of the Society of Petroleum Engineers and the American Association of Drilling Engineers. From 1975 to 1980, Mr. Goodwin served in the United States Marine Corps.

About Singleton:

  • Mr. Singleton, age 44, joined the Company in August 2007 as a Landman and was promoted to Senior Staff Landman in 2009 and then to General Land Manager in 2011. In September 2013, Mr. Singleton became Vice President of Land, and he was promoted to Executive Vice President of Land in February 2015. Mr. Singleton has played a pivotal role at Matador in developing and executing the "brick by brick" strategy used by the Company to build its acreage positions in both the Eagle Ford shale in South Texas and in the Delaware Basin in West Texas and New Mexico. Both the Delaware Basin and the Eagle Ford acreage positions have contributed significantly to the Company's success in recent years, particularly since the Company became a publicly traded company ten years ago. Prior to joining Matador, Mr. Singleton founded and was President of VanBrannon and Associates, LLC and Southern Escrow and Title of Mississippi, LLC from 1998 to 2003, which provided full-spectrum land title work and title insurance in Mississippi, Louisiana, Texas and Arkansas. From 2003 until joining Matador in 2007, he served as general manager of his family's real estate brokerage in Houston, Texas. Mr. Singleton received a Bachelor of Arts degree from the University of Mississippi in 2000. He is an active member of the American Association of Professional Landmen, the New Mexico Landman Association, the Permian Basin Landman Association and the Dallas Association of Petroleum Landmen. Since 2020, Mr. Singleton has served on the board of directors of San Mateo.

About Adams:

  • Mr. Adams, age 55, joined Matador Resources Company in September 2012 as its Vice President and General Counsel. In July 2013, Mr. Adams was promoted to Executive Vice President- Land and Legal and in June 2015, he became Executive Vice President-Land, Legal & Administration. Then, in April 2019, Mr. Adams assumed the role of Executive Vice President and Chief Operating Officer- Land, Legal & Administration. Mr. Adams has been a key member of Matador's executive team since joining the Company and has been an important contributor to the Company's land, acquisitions, finance and banking strategies over the past ten years, as well as supervising much of the day-to-day legal and administrative operations of the Company. Before joining Matador Resources Company, Mr. Adams was a partner with Baker Botts L.L.P. from March 2001 to September 2012 where he focused his practice on securities, mergers and acquisitions and corporate governance matters. He was a partner with Thompson & Knight L.L.P. from January 1999 to February 2001 and an associate from September 1992 to December 1998. Mr. Adams received a Bachelor of Business Administration degree in Finance from Southern Methodist University in 1988 and his law degree in 1992 from Texas Tech University School of Law, where he graduated magna cum laude and was a member of the Order of the Coif and a Comment Editor on the Texas Tech Law Review. In 2018, he was named D CEO Magazine's Outstanding General Counsel-Midsize Legal Department.

About Krug:

  • Mr. Krug, age 61, served as Marketing Manager for Matador Resources Company from 2005 to 2006 and re-joined Matador Resources Company in April 2012 as its Marketing Manager. In September 2013 he was named Vice President of Marketing for the Company and Vice President of Longwood Gathering & Disposal Systems, LP. He was promoted to Senior Vice President-Marketing and Midstream in February 2016. He was promoted to Executive Vice President-Marketing and Midstream Strategy in April 2019. Mr. Krug has overall responsibility for Matador's marketing activities of its oil and natural gas and has been instrumental in improving the Company's takeaway options and oil, natural gas and natural gas liquids price realizations over the years. Mr. Krug was also one of the principal architects of San Mateo, Matador's midstream joint venture in West Texas and New Mexico, which has grown significantly over the past five years into a significant strategic and financial asset for Matador. Previously, Mr. Krug was with Unit Petroleum Company, an exploration and production company based in Tulsa, Oklahoma, as Marketing Manager, having joined in 2006. He and his staff were responsible for marketing, gas measurement, contract administration and production reporting in their core areas of Oklahoma, the Texas Panhandle, East Texas and Northwestern Louisiana. From 2000 to 2005, Mr. Krug served as Gas Scheduling Supervisor with Samson Resources in Tulsa, Oklahoma where he and his staff were responsible for scheduling natural gas sales as well as procurement of natural gas supply on Samson-owned gathering systems. From 1983 to 2000, Mr. Krug served with The Williams Companies in various capacities including in the Kansas Hugoton Field in Ulysses, Kansas and Tulsa, Oklahoma for Williams Natural Gas Pipeline and on the trading floor in Tulsa, Oklahoma for Williams Energy Services Company. Mr. Krug received a Bachelor of Business Administration degree from Oklahoma City University in 1996. Mr. Krug has served on the board of directors of San Mateo since its inception.

About Calvert:

  • Mr. Calvert, age 43, is being promoted to Co-Chief Operating Officer concurrent with Messrs. Goodwin's and Singleton's promotions. He joined Matador Resources Company in October 2014 as a Senior Completions Engineer. In July 2018 he was named Vice President of Completions for the Company, and he was promoted to Senior Vice President-Operations in October 2019. Mr. Calvert has been most recently responsible for completions operations company-wide and has led Matador's efforts to increase well productivity while reducing completion costs through improved operating efficiency and technology applications. Mr. Calvert has led the Company's implementation of fit-for-purpose snubbing units, which has greatly increased the reliability of plug drillout operations as Matador has transitioned to longer laterals. He was also the principal driver behind the Company's adoption of several leading-edge horizontal well fracturing techniques in recent years, including most recently, the implementation of SimulFrac operations on a number of Matador's recently completed horizontal wells in the Delaware Basin. Prior to joining Matador, Mr. Calvert worked as a Staff Reservoir Engineer in Chesapeake Energy Corporation's South Texas-Eagle Ford group focusing on A&D evaluations and production and completions optimization. At Chesapeake, Mr. Calvert also held roles as a Senior Asset Manager responsible for completions and operations in the Niobrara Shale, a Senior Completions Engineer responsible for Bakken/Three Forks development and a Senior Operations Engineer focused on production and facility optimization on the Texas Gulf Coast. Prior to Chesapeake, Mr. Calvert worked as an Operations Engineer for Williams Production Company, now Devon Energy. Mr. Calvert received Bachelor of Science degrees in Finance and Petroleum Engineering from the University of Wyoming in 2002 and 2008, respectively. Mr. Calvert will lead our overall investor relations effort as well as other financial duties related to petroleum engineering and operations. He is a member of the Society of Petroleum Engineers.

About Elsener:

  • Mr. Elsener, age 37, joined the Company in April 2013 as a Petroleum Engineer. In June 2017, he was promoted to Vice President-Engineering and Asset Manager, and he was promoted to Senior Vice President-Reservoir Engineering and Senior Asset Manager in October 2019. Mr. Elsener has served in several capacities since joining Matador, including Senior Planner for Matador's drilling programs and acquisitions, Asset Manager for Rustler Breaks, Antelope Ridge and Stateline, Team Leader for South Texas and Team Leader for East Texas and Northwest Louisiana. Currently, Mr. Elsener supervises all Delaware Basin asset development for Matador, including playing a significant role in the design and implementation of the Company's drilling schedule each year. In the last three years, he has led the Company's successful exploration and development efforts of its Stateline and Rodney Robinson asset areas, which have contributed significantly to the Company's growth and improved capital efficiency. Prior to joining Matador, Mr. Elsener served in various engineering roles at Encana Oil & Gas (USA) in Dallas, Texas from 2007 to 2013, including reservoir, completions, drilling, business development and new ventures. While at Encana, Mr. Elsener was involved with the exploration and development of assets in the Barnett shale, Deep Bossier, Haynesville shale and other new domestic ventures. Mr. Elsener received a Bachelor of Science degree in Petroleum Engineering from Texas A&M University in 2007. He is a member of the Society of Petroleum Engineers.

About Frenzel:

  • Mr. Frenzel, age 40, first worked for Matador's predecessor company, Matador Petroleum Corporation, as an intern in the summers of 2000, 2001 and 2002. From 2006 to 2010, Mr. Frenzel worked as a Senior Financial Analyst at Matador before leaving to obtain his Master of Business Administration from Duke University's Fuqua School of Business in 2010. Mr. Frenzel rejoined Matador in 2013 as its Senior Strategy and Financial Analyst and Assistant Treasurer and was promoted to Finance Director and Assistant Treasurer in January 2017. In August 2018, Mr. Frenzel was promoted to Vice President and Treasurer. Mr. Frenzel was promoted to Senior Vice President and Treasurer in October 2020, and his responsibilities include treasury, banking, financial planning, forecasting, budgeting, capital markets, hedging, financial reporting and investor relations. Mr. Frenzel has played a key role in forecasting and modeling the Company's performance and providing market guidance in recent years and has been the leader of the Company's commodity hedging activities. In addition, he has been the primary banking and financial officer for San Mateo. Before rejoining Matador in 2013, Mr. Frenzel worked as an Investment Associate for Hamm Capital, LLC and as a Financial Analyst and Assistant to the CEO at Continental Resources. In addition to his energy industry experience, Mr. Frenzel also has consulting experience with Deloitte Consulting LLP. Mr. Frenzel graduated summa cum laude from Vanderbilt University in 2004, receiving a Bachelor of Arts degree in Economics and Mathematics. In 2012, he graduated with honors and received the distinction of being designated as a Fuqua Scholar while attaining his MBA from Duke University's Fuqua School of Business.

About Macalik:

  • Mr. Macalik, age 43, joined Matador Resources Company in July 2015 as Vice President and Chief Accounting Officer. He was promoted to Senior Vice President and Chief Accounting Officer in November 2017. He has had more than 10 years of experience in public accounting as a senior manager with PWC including significant experience in the upstream oil and natural gas industry. Since joining Matador, Mr. Macalik has overseen significant improvements and growth in the Company's accounting staff and capabilities, as well as improvements in its financial reporting processes. He has implemented improvements to the Company's enterprise technologies and internal controls and was also the principal architect of San Mateo's accounting systems and procedures. From 2012 to 2015, Mr. Macalik worked at Pioneer Natural Resources Company as Corporate Controller and, previously, as Director of Technical Accounting and Financial Reporting. At Pioneer, Mr. Macalik supervised corporate accounting and financial reporting functions. Mr. Macalik received a Bachelor of Arts degree in History, a Bachelor of Business Administration degree and a Master of Professional Accounting degree all from The University of Texas at Austin in 2002. He is a licensed Certified Public Accountant in the State of Texas.

About Stetson:

  • Mr. Stetson, age 37, joined Matador Resources Company in August 2014 as a Production Engineer, and in July 2015, he was promoted to Asset Manager. Mr. Stetson was promoted to the role of Vice President and Asset Manager in July 2018 before being promoted to his current role as Senior Vice President of Production and Asset Manager in October 2019. Since assuming his role as Vice President of Production, Mr. Stetson has implemented significant improvements to the Company's production operations in both the field and in the office, resulting in consistent reductions in the Company's lease operating expenses during 2020 and 2021. He has also played the lead role in reducing natural gas flaring and emissions throughout the Company's operations and in ensuring that significant quantities of the Company's oil, water and natural gas production are transported by pipeline. Prior to joining Matador, Mr. Stetson worked at Chesapeake Energy Corporation from 2008 to 2014, holding multiple positions in both the production and completions departments. Most of his time at Chesapeake was spent in the Barnett shale in North Texas, although he also spent some time working in northern Pennsylvania managing the northeast portion of Chesapeake's Marcellus shale operated production. Mr. Stetson graduated cum laude from Oklahoma State University in 2007, receiving a Bachelor of Science degree in Mechanical Engineering Technology. Mr. Stetson is a Licensed Professional Engineer in the State of Oklahoma. He is also an active member of the Society of Petroleum Engineers and the American Society of Mechanical Engineers.

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