Finance & Investing | Capital Markets
Matador's Proved Reserves Fuel Borrowing Base Increase
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Matador Resources Company has reported an increase in the borrowing base under its revolving credit facility from $385 million to $450 million based on its lenders’ review of the Company’s proved oil and natural gas reserves at July 31, 2014.
At September 8, 2014, the Company had borrowings outstanding of $210 million. Matador expects future increases to its borrowing base as the result of anticipated increases in its proved oil and natural gas reserves during the remainder of 2014.
The increase in the Company’s borrowing base was due to an increase in the Company’s proved reserves from 51.7 million barrels of oil equivalent, or BOE, at December 31, 2013, including 16.4 million Bbl of oil and 212.2 billion cubic feet of natural gas, to 57.7 million BOE at July 31, 2014, including 19.0 million Bbl of oil and 231.8 billion cubic feet of natural gas.
Joseph Wm. Foran, Matador’s Chairman and CEO, commented, "We are pleased to obtain this increase to our borrowing base which, along with our operating cash flows, will provide additional liquidity to fund our operations throughout the remainder of 2014 and into 2015."