ABOUT MATRA PETROLEUM
Matra Petroleum AB is an independent oil and gas exploration and production company with offices in Borger and Houston, Texas, U.S.A and Stockholm, Sweden. The Company was listed on NASDAQ First North in April 2017 and its majority shareholder is Rovelo Investment Ltd (62.7%) which is controlled by the CEO Maxim Barskiy. Matra owns and operates 170 leases in the Panhandle-area, located in northwestern Texas, covering an area of 45,640 acres (18,470 hectares).
MATRA PETROLEUM IN BRIEF
- Poised for growth – Higher oil and gas prices combined with a generally improved market environment set the stage for the Company to grow organically as well as through acquisitions.
- Large undeveloped reserves – The Company has 22.8 million barrels of oil equivalent (“MMboe”) of proven (1P) net reserves, of which 85 percent are undeveloped, with 440 identified drilling opportunities. Reserves are conventional and shallow (less than 1 km), implying low drilling costs and attractive economics for new wells.
- Strong development plan – Matra targets to grow organically with profitability through an accelerated drilling campaign and is selectively pursuing M&A opportunities. Supported by encouraging drilling results, Matra has upgraded the expected financial returns from new wells. The Company’s long term production target is 6,000 barrels of oil equivalent per day (“BOEPD”) from exploitation of existing assets.
- Experienced Board and Management – The Company’s Board of Directors and Management have a solid background in the oil industry. CEO and board member Maxim Barskiy grew the oil company West Siberian Resources from being listed on Nasdaq First North to Nasdaq Large Cap, between 2004 and 2008. The Chairman of the Board Eric Forss has 30 years experience from leading positions in public oil and gas companies.