By OGJ editors
HOUSTON, Feb. 13 -- Several previously key principals of Matador Petroleum Corp.—including founder Joseph Wm. Foran—have formed Matador Resources Co., a privately held, independent energy company engaged in oil and natural gas exploration, production, development, and acquisition activities in the southwestern US. Started up in July 2003, the Dallas-based company has attracted more than $52 million in start-up capital.
Foran is chairman and CEO of the new company, and Scott King, vice-pres. of exploration. Among other original Matador Petroleum staff members now part of the new Matador Resources team, are Chief Engineer Michael Ernest, Comptroller Kathy Wayne, and Properties Manager Yvonne Hoevers.
Joining Foran and King in forming Matador Resources are Vice-Pres. of engineering Brad Robinson and Vice-Pres. of business development David Lancaster. Both are both former principals in the petroleum engineering consulting firm SA Holditch & Associates Inc. and most recently were with Schlumberger, following that company's 1997 acquisition of Holditch.
The primary focus of Matador Resources currently is on natural gas operations in East Texas, North Louisiana, South Texas, the Permian basin of West Texas, and southeastern New Mexico.
"We intend to focus our exploration and drilling efforts on natural gas reserves in well-established, historically productive basins," said King. "We'll also look to acquire properties with significant reserves potential and drilling opportunities, while maintaining a low cost structure." He and Foran said this is the philosophy that enabled Matador Petroleum to grow at an average rate of 21%/year over a 15 year period while keeping costs low. "We are committed to maintaining the same focus on solid technical work and financial discipline at Matador Resources that led to [our previous] success. . ." Foran said.
Robinson added: "Matador Resources will build its reserves base by targeting drilling locations with the potential to produce in multiple horizons from single wellbores." He said the company would move beyond its current areas of operations as opportunities arise.
