DALLAS, July 23, 2026 – Baker Botts L.L.P., a leading international energy, technology, and life sciences law firm, represented subsidiaries of Matador Resources Company (NYSE: MTDR) in the agreement to acquire Paloma Permian, LLC for $1.275 billion and the agreement to acquire Woodford acreage from Ridge Runner Resources II, LLC. Both Paloma and Ridge Runner are EnCap Investment L.P. portfolio companies. The transactions are expected to close in the fourth quarter of 2026, subject to customary closing conditions.

Matador disclosed in its press release that the Paloma properties include 16,235 net undeveloped acres and over 156 net locations in Eddy and Lea Counties, New Mexico, as well as approximately 11,100 barrels of oil equivalent per day of production.

The Ridge Runner acquisition adds undeveloped acreage in the Woodford play in west Texas and southeast New Mexico, bringing Matador to approximately 50,000 contiguous undeveloped net acres in the Woodford formation.

Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays.

Baker Botts has worked with Matador and its affiliates across a range of Delaware Basin and capital markets matters this year, including Matador’s $750 million senior notes offering and concurrent tender offer in February 2026 and San Mateo Midstream, LLC’s $752 million pending acquisition of the operating subsidiaries of Cardinal Midstream Partners, LLC, which was announced in June 2026.

Baker Botts Lawyers/Offices Involved:

Transaction Team: Preston Bernhisel (Partner, Dallas); Alia Heintz (Partner, Houston); Megan Young (Senior Associate, Houston); Rusty Shellhorn (Senior Associate, Dallas); Brendan Waller (Associate, Dallas)

Midstream: Anna Irion (Partner, Houston); Andrew Crayden (Associate, Houston); Paige Meredith (Associate; Houston); Lucy Shoemaker (Associate, Houston); Abby Kite (Associate, Houston)

Tax: Steve Marcus (Partner, Dallas); Jared Meier (Senior Associate, Houston); Meaghan Christner (Associate, Houston)

Antitrust: Michael Bodosky (Special Counsel, Washington, D.C.)

Environmental: Aileen Hooks (Senior Counsel, Austin)

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