Memorial Production Partners LP has consummated a transaction with Memorial Resource Development Corp. (MRD) whereby MRD exchanged its East Texas and non-core Louisiana properties for all of MEMP's interests in the Terryville Field in North Louisiana and cash consideration of approximately $78 million, subject to customary purchase price adjustments.
Terms of the transaction were approved by the Board of Directors of the general partner of MEMP and by the Board's conflicts committee, which was comprised entirely of independent directors. The transaction closed on February 23, 2015 and has an effective date of January 1, 2015.
MRD will receive, in addition to the cash consideration, all of MEMP's position in the Terryville Field in North Louisiana, which includes interests in 5.1 net (103 gross) wells. Total proved reserves are estimated to be approximately 20 Bcfe (62% proved developed / 70% natural gas) and estimated December 2014 net production was approximately 5 MMcfe/d.