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Equity
12 Months Ended
Dec. 31, 2015
Stockholders' Equity Note [Abstract]  
EQUITY
EQUITY
Stock Offerings, Retirement and Issuances
As discussed in Note 5, the Company issued 3,300,000 shares of common stock and 150,000 shares of a new series of Series A Preferred Stock to HEYCO Energy Group, Inc. in connection with the HEYCO Merger. Pursuant to the statement of resolutions, each share of Series A Preferred Stock would automatically convert into ten shares of Matador common stock, subject to customary anti-dilution adjustments, upon the vote and approval by Matador’s shareholders of an amendment to Matador’s Amended and Restated Certificate of Formation to increase the number of shares of authorized Matador common stock.
On April 2, 2015, the shareholders of the Company approved an amendment to the Company’s Amended and Restated Certificate of Formation that authorized an increase in the number of authorized shares of common stock from 80,000,000 shares to 120,000,000 shares. Following such approval, the 150,000 outstanding shares of Series A Preferred Stock converted to 1,500,000 shares of common stock on April 6, 2015. Pursuant to the terms of the HEYCO Merger, 1,250,000 of the 1,500,000 shares were being held in escrow at December 31, 2015 to satisfy the post-closing adjustments to the merger consideration for title or environmental defects on the properties acquired in the merger.
On April 21, 2015, the Company completed a public offering of 7,000,000 shares of its common stock. After deducting offering costs totaling approximately $1.2 million, the Company received net proceeds of approximately $187.6 million. The Company used a portion of the net proceeds to repay $85.0 million in outstanding borrowings under the Credit Agreement (see Note 6), which amounts may be reborrowed in accordance with the terms of that facility. The remaining $102.6 million of net proceeds was used to fund a portion of the Company’s working capital expenditures, including the addition of a third drilling rig in the Delaware Basin in late July 2015 and targeted acquisitions of additional acreage in the Delaware Basin, as well as in the Eagle Ford shale and the Haynesville shale, and for other general working capital needs.
On May 29, 2014, the Company completed a public offering of 7,500,000 shares of its common stock. After deducting direct offering costs totaling approximately $0.6 million, the Company received net proceeds of approximately $181.3 million.
On September 10, 2013, the Company completed an underwritten public offering of 9,775,000 shares of its common stock, including 1,275,000 shares issued pursuant to the underwriters’ exercise of their option to purchase additional shares. After deducting underwriting discounts, commissions and direct offering costs totaling approximately $7.4 million, the Company received net proceeds of approximately $141.7 million.
Treasury Stock
On October 30, 2015 and October 31, 2014, Matador’s Board of Directors canceled all of the shares of treasury stock outstanding as of September 30, 2015 and September 30, 2014, respectively. These shares were restored to the status of authorized but unissued shares of common stock of the Company.
The 2,586 and 30,967 shares of treasury stock outstanding at December 31, 2015 and December 31, 2014, respectively, and the increase of 105,126 shares in treasury stock outstanding during the year ended December 31, 2013, represent forfeitures of non-vested restricted stock awards and forfeitures of fully vested restricted stock awards due to net share settlements with employees.