Matador To Acquire Advance Energy Partners Holdings

(RTTNews) - Matador Resources Company (MTDR) said is subsidiary has entered into a definitive agreement to acquire Advance Energy Partners Holdings, LLC, including certain oil and natural gas producing properties and undeveloped acreage located in Lea County, New Mexico and Ward County, Texas. The consideration will consist of an initial cash payment of $1.6 billion, plus additional cash consideration of $7.5 million for each month during 2023 in which the average oil price as defined in the agreement exceeds $85 per barrel.

Advance Energy Partners Holdings is a portfolio company of EnCap Investments L.P.