Matador Resources Prices Stock Offering

(RTTNews) - Matador Resources Co. (MTDR) said Friday that it has priced an underwritten public offering of 7.5 million shares of its common stock.

Total estimated proceeds of the offering to Matador, before estimated offering expenses, are about $182 million.

The company plans to use the net proceeds from the offering mainly to fund a portion of its capital expenditures, including to continue to operate a fourth rig in the Permian Basin throughout the remainder of 2014, allowing Matador to operate two drilling rigs for the development of its acreage in the Eagle Ford shale play and two drilling rigs for the exploration and development of its acreage in the Wolfcamp and Bone Spring plays in the Permian Basin. Matador also intends to use net proceeds from this offering to fund targeted acquisitions of additional acreage in the Permian Basin, as well as in the Eagle Ford shale and the Haynesville shale, for its participation in additional non-operated Haynesville wells and for other general working capital needs.

Pending such uses, Matador plans to repay outstanding borrowings under its revolving credit facility, which amounts may be reborrowed in accordance with the terms of that facility.