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Matador Resources is granted 14 drilling permits in New Mexico

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Matador Resources is granted 14 drilling permits in New Mexico

The U.S. Bureau of Land Management approved 14 drilling permits for Matador Resources Co.'s Stateline asset area in southern Eddy County, N.M., Matador said in a Dec. 17 news release.

The company is planning to drill nine wells from two pads on the acreage, with five wells on one pad and four wells on an adjacent pad. The wells are expected to be completed and turned to sales in the third quarter of 2020, alongside the expected completion of the expansion of San Mateo Midstream LLC's cryogenic natural gas processing plant in Eddy County.

Matador acquired the Stateline asset area, which consists of 2,800 gross and net acres, during the BLM's New Mexico Oil and Gas Lease Sale in September 2018. The company said it plans to move two of its operated drilling rigs to the area to start a multiyear drilling program. One rig is expected to begin operations in late December and the other in January 2020.

Matador Resources is an independent energy company that engages in exploration, development, production and acquisition of oil and natural gas resources in the U.S. San Mateo Midstream is Matador's 51%-owned midstream joint venture that owns, operates and expands natural gas, crude oil and produced water midstream assets in the Delaware Basin.