Matador Resources gains on $1.3 billion acquisition of Paloma Permian - MTDR News | RalliesMatador Resources gains on $1.3 billion acquisition of Paloma Permian
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MTDR• Matador Resources rises after Paloma Permian acquisition
- Shares of oil and gas company Matador Resources (MTDR.N) rise 1% to $55.56 premarket
- MTDR says it will acquire privately held Paloma Permian LLC from EnCap Investments for about $1.28 billion in cash
- Deal gives MTDR 16,235 net undeveloped acres in Eddy and Lea counties in New Mexico
- Deal also gives MTDR oil and gas properties producing about 11,100 barrels of oil equivalent per day, around 57% of which is oil
- Separately, MTDR agrees to acquire primarily undeveloped acreage in Woodford play from another EnCap-backed company, Ridge Runner Resources II
- As of last close, stock up 29.57% YTD
