Matador to acquire Paloma Permian for $1.275B cash and Ridge Runner acreage; Woodford well test exceeds 2,200 BOE/d

Matador Resources Co

• Paloma Acquisition: $1.275B cash for 16,235 net acres in Eddy/Lea Counties, NM; adds ~11,100 BOE/d (57% oil) and 55 MMBOE proved reserves.
• Ridge Runner Acquisition: adds ~50,000 contiguous net acres in Woodford play; 150+ net operated locations acquired at ~$1.3M per location.
• Rae's Creek Woodford well tested at >2,200 BOE/d (72% oil); 60-day cumulative oil production 20% above average Woodford wells in Texas.
• Acquisitions funded via cash on hand and RBL credit facility; Matador expects ~$1B adjusted free cash flow in 2026 to repay debt.
• Closings expected early Q4 2026 with effective date June 1, 2026; both sellers are EnCap portfolio companies.