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Matador Touts Lower Wolfcamp-A IPs at Boros Pad; Hits 4,500 BOEPD (60% Oil)

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Matador Resources Co. reported results from its first four Boros wells completed and turned to sales in its Stateline asset area in Eddy County, New Mexico.

IP Results - Up to 4,500+ BOEPD (60% Oil)

The IPs of the Boros #215H, #216H and #217H wells are some of the best Matador has logged in the Wolfcamp A-Lower formation (with the Boros #215H being the best Lower Wolfcamp-A IP ever for the company at 4,584 BOEPD (60% oil).

Matador currently estimates that it has at least 75 additional wells to drill in the Stateline asset area, including the 13 Voni wells currently being drilled on the western portion of this leasehold.

D&C Costs 20% Lower Than Expected ($800 / Lateral Ft)

Matador is also very pleased to report that the costs to drill and complete all 13 Boros wells in the Stateline asset area averaged just under $800 per completed lateral foot, saving more than 20% in costs as compared to Matador's original estimates.

The drilling and completion costs for the three shallowest wells, one Avalon completion and two Second Bone Spring completions, averaged approximately $725 per completed lateral foot.

Joseph Wm. Foran, Matador's Chairman and CEO, commented, "We are very excited and gratified by the strong results from our first four Boros wells in the Stateline asset area, including our record Wolfcamp A-Lower IP test results on the Boros #215H, #216H and #217H wells. We look forward to putting the remaining Boros wells drilled and completed throughout 2020 on production and reporting those results to the markets in the upcoming weeks. We are, of course, particularly pleased by the drilling and completion costs achieved on these wells at under $800 per completed lateral foot, which were well below our expectations when we began drilling these wells. With the 13 Boros wells turned to sales, we are expecting a significant increase in our oil and natural gas production during the fourth quarter of 2020 and are also on track to be free cash flow positive in the fourth quarter, a major milestone."