Business Context and Reporting Period
Company: Matador Resources Company
Filing Type: Form 8-K (Current Report)
Date of Report: February 5, 2013
Subject: Announcement of proved oil and natural gas reserves as of December 31, 2012.
Key Financial Metrics
This filing serves as a disclosure vehicle for a press release (Exhibit 99.1) regarding reserve estimates. The text of the 8-K itself does not contain specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity.
- Reserves: Proved oil and natural gas reserves reported for the period ending December 31, 2012.
- Non-GAAP Measure: The filing references the inclusion of "PV-10" (present value discounted at 10% pre-tax of estimated total proved reserves) in the attached press release.
- Reconciliation: The press release includes reconciliations of the PV-10 measure to the most directly comparable GAAP financial measure.
Material Changes
The filing text does not provide specific quantitative comparisons of reserve changes versus the prior comparable period. It only confirms the reporting of reserves as of December 31, 2012.
Guidance, Outlook, and Risks
Management Commentary: The Company states that the PV-10 non-GAAP financial measure provides useful information to investors. Specific reasons for this belief are detailed in the attached press release.
Regulatory Status: The information furnished pursuant to Item 2.02 and Item 7.01, including the press release, is not deemed "filed" for purposes of Section 18 of the Exchange Act and will not be incorporated by reference into any filing under the Securities Act unless specifically identified.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release dated February 5, 2013) for specific reserve volumes and the calculated PV-10 value.
- Verify the reconciliation of PV-10 to GAAP measures provided in the press release.
- Confirm the specific reasons management cites for the utility of the PV-10 metric.
- Note that this 8-K does not contain audited financial statements or detailed operational metrics beyond the reserve announcement.