On Sept. 19, two longtime Amarillo friends and business executives in the energy industry closed their second major deal together over the past 18 months: a $1.832 billion acquisition by Matador Resources of Ameredev II Parent, LLC, an EnCap portfolio company. The deal involving Joe Foran — founder, chairman and CEO of Matador Resources — and Gary Petersen — founder of EnCap Investments — marks the single largest acquisition in Matador’s history, according to a news release.
Petersen graduated from Tascosa High School in 1965, and Foran graduated from Amarillo High School in 1970. They have been friends for more than 50 years. The pair previously completed a $1.6 billion acquisition deal between two oil and gas companies that closed in April 2023 .
The release says the newest Matador Resources Company acquisition includes approximately 33,500 contiguous net acres in the core of the Delaware Basin; production expected to average between 25,500 and 26,500 barrels of oil and natural gas equivalent (BOE) per day during the remainder of the third quarter of 2024; 431 gross (371 net) operated locations; total proved oil and natural gas reserves of approximately 118 million BOE; and about 19% equity interest in the parent company of Piñon Midstream, LLC.