Matador Resources Company (NYSE:MTDR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July13, 2017, Gregory E. Mitchell notified Matador Resources Company (“Matador” or the “Company”) of his resignation from the Board of Directors (the “Board”) of the Company as of such date. Mr.Mitchell served as a member of the Nominating Committee of the Board. Mr.Mitchell recently retired as President and Chief Executive Officer of Toot’n Totum Food Stores, LLC, for which he continues to serve as Chairman. Mr.Mitchell has expressed his intention to spend more time on civic and charitable activities and his other business interests. The Company greatly appreciates Mr.Mitchell’s time and years of service to the Board, including his help with Matador’s initial public offering.
Following Mr.Mitchell’s resignation, on July18, 2017, the Board appointed David M. Posner as a new director. Mr.Posner is President of EnVent Energy LLC, a privately held development and consulting company focused on advising oil and natural gas exploration and production companies on commercial negotiations related to marketing, gathering, processing and transportation. He founded EnVent in 2000 following his tenure with Santa Fe Snyder Corporation/Snyder Oil Corporation, where he ultimately served as Vice President, Marketing, having responsibility over the company’s worldwide marketing of oil, natural gas and natural gas liquids. Mr.Posner received a Bachelor of Arts degree from Brown University and a Master of Science in mineral economics from the Colorado School of Mines. Prior to his appointment as a director, Mr.Posner served as a consultant to Matador, becoming a trusted advisor to the Company.
Mr.Posner was appointed by the Board to serve as a director until the 2018 Annual Meeting of Shareholders or his earlier death, retirement, resignation or removal. He was also appointed by the Board to serve on the Audit, Corporate Governance and Operations and Engineering Committees.
Mr.Posner will be compensated according to the director compensation program described in the Director Compensation section of the Company’s Proxy Statement for the Annual Meeting of Shareholders held on June1, 2017 filed on April21, 2017 and incorporated herein by reference. Mr.Posner will also enter into an indemnification agreement with the Company in the form included as Exhibit 10.22 to Amendment No.1 to the Registration Statement on Form S-1 filed on November14, 2011 and incorporated herein by reference. Mr.Posner does not have any direct or indirect interest in any transaction required to be disclosed to Item404(a) of Regulation S-K and was not appointed to the Board to any arrangement or understanding between Mr.Posner and any other person.
About Matador Resources Company (NYSE:MTDR)
Matador Resources Company 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. The Company’s segment is oil and natural gas exploration and production. The Company’s operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. The Company also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana and East Texas. The Company’s properties include approximately 39,000 gross (29,300 net) acres in the Eagle Ford shale play in Atascosa, DeWitt, Gonzales, Karnes, La Salle, Wilson and Zavala Counties in South Texas. The Company operates approximately two rigs in the Eagle Ford shale in South Texas.