Matador Resources Agrees To Buy Harvey E. Yates - Quick Facts

(RTTNews) - Matador Resources Co. (MTDR) said it has entered into a definitive agreement to acquire Harvey E. Yates Company, a subsidiary of HEYCO Energy Group, Inc., including certain oil and natural gas producing properties and undeveloped acreage located in Lea and Eddy Counties, New Mexico.

HEYCO is privately owned by members of the Yates family of Southeastern New Mexico. They have been active in the upstream oil and natural gas business in this area since the inception of production in the Delaware Basin in the 1920s.

As consideration for the acquisition, Matador will pay $37.4 million in cash, including assumed debt obligations, issue 3.14 million shares of Matador Common Stock and issue 150,000 shares of a new series of Matador Convertible Preferred Stock to HEYCO Energy Group, Inc.