San Mateo Midstream, LLC Announces Strategic Relationship with Plains All American Pipeline in Eddy County, NM

January 22, 2018

DALLAS–(BUSINESS WIRE)–San Mateo Midstream, LLC (“San Mateo” or the “Company”) today announced
a strategic relationship with a subsidiary of Plains All American
Pipeline, L.P. (NYSE: PAA) (“Plains”) to gather and transport crude oil
for upstream producers in Eddy County, New Mexico. Subsidiaries of San
Mateo and Plains have agreed to work together through a Joint Tariff
arrangement and related transactions to offer producers located within a
joint development area of approximately 400,000 acres in Eddy County,
New Mexico (the “Joint Development Area”) crude oil transportation
services from the wellhead to Midland, Texas with access to other end
markets.

In order to transport crude oil from the Joint Development Area to
Midland or other end markets, Plains intends to construct a mainline
extension from its current long-haul oil pipeline system located in
Culberson County, Texas to a central delivery point on San Mateo’s crude
oil pipeline system, which is currently under construction in Eddy
County, New Mexico. San Mateo expects construction will be complete in
the second quarter or early in the third quarter of 2018. In addition,
San Mateo will be able to accept crude oil onto its system from trucks
near the city of Loving, New Mexico. This crude oil trucking station
will provide producers in the area whose oil is not yet connected to
pipe at the wellhead a favorable option to transport oil to Midland and
other end markets. The crude oil will be shipped under a Joint Tariff
that will be filed with the Federal Energy Regulatory Commission (FERC)
prior to the oil transportation pipeline being placed into service. San
Mateo expects to benefit from Plains’ extensive midstream asset
footprint, long-term customer relationships and outstanding reputation
for oil gathering and transportation services. This strategic
relationship is a milestone for San Mateo as it broadens its portfolio
to offer services across all three production streams—oil transportation
and gathering, natural gas gathering and processing and salt water
gathering and disposal.

Matt Spicer, Vice President and General Manager of San Mateo, said, “We
are excited to announce this strategic relationship between San Mateo
and Plains, and we look forward to working with Plains to provide crude
oil transportation services to producers throughout a large portion of
Eddy County, New Mexico. Not only does this relationship open up
additional market opportunities for both San Mateo and Plains through
each company’s extensive midstream relationships, but it also
demonstrates San Mateo’s commitment to serving the area and expanding
its platform for generating value for customers by providing services
across all three production streams—oil, natural gas and water. The
value of this relationship with Plains is significant to producers,
providing them with increased oil market optionality, flow assurance and
takeaway capacity out of the Delaware Basin with one of the most
experienced and reputable transportation companies in the business.”

Willie Chiang, Chief Operating Officer – Americas for Plains, said, “The
Plains team is excited about this win/win opportunity with San Mateo
Midstream and looks forward to expanding on the asset footprints of San
Mateo’s gathering system and Plains’ trunk line system. Both companies
are positioned well to build upon their prior successes in this part of
the Delaware Basin, and we are pleased about extending our relationship
through this strategic arrangement.”

About San Mateo Midstream, LLC

San Mateo Midstream, LLC is a strategic joint venture formed in February
2017 by a subsidiary of Matador Resources Company (NYSE: MTDR) and a
subsidiary of Five Point Capital Partners LLC. San Mateo provides
midstream transportation, gathering, processing and disposal services in
Eddy County, New Mexico and Loving County, Texas. San Mateo serves as
the primary midstream solution for its anchor customer, Matador
Resources Company, and provides midstream services to other producers in
the Delaware Basin.

For more information, visit San Mateo Midstream, LLC at www.sanmateomidstream.com.

Five Point Capital Partners is a private equity firm focused on
midstream energy infrastructure and energy sector investments across
North America. Five Point's investment strategy is to partner with
leading E&P Companies to build and develop midstream infrastructure to
support E&P partner drilling programs, as well as to develop and support
strong management teams through buyouts, growth capital and greenfield
investments within the midstream energy sector. Based in Houston, Texas,
Five Point has over $1.2 billion of capital under management.

For more information, please visit www.fivepointcp.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
“Forward-looking statements” are statements related to future, not past,
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timing, expectations and intentions and other statements that are not
historical facts. Actual results and future events could differ
materially from those anticipated in such statements, and such
forward-looking statements may not prove to be accurate. These
forward-looking statements involve certain risks and uncertainties,
including, but not limited to, the following risks related to financial
and operational performance: general economic conditions; the Company’s
ability to execute its business plan; the timing and operating results
of the buildout of the Company’s oil, natural gas and water
transportation and gathering systems and other facilities, the ability
of the Company to expand its Black River cryogenic processing plant, the
timing of such expansion and the operating results thereof; changes in
oil, natural gas and natural gas liquids prices and the demand for oil,
natural gas and natural gas liquids; the occurrence and timing of
actions, including decisions and the issuance of regulations and
permits, by state and federal regulatory authorities; costs of
operations; availability of sufficient capital to execute its business
plan; weather and environmental conditions; and other important factors
which could cause actual results to differ materially from those
anticipated or implied in the forward-looking statements. The Company
undertakes no obligation and does not intend to update these
forward-looking statements to reflect events or circumstances occurring
after the date of this press release, except as required by law,
including the securities laws of the United States and the rules and
regulations of the Securities and Exchange Commission. You are cautioned
not to place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. All forward-looking
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