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Memorial Production Partners closes acquisition of oil and gas properties


Published Apr 4, 2014
Memorial Production Partners LP

Memorial Production Partners LP has closed its previously announced acquisition of certain oil and natural gas producing properties in East Texas from its sponsor, Memorial Resource Development LLC, for approximately $34 million, subject to customary post-closing adjustments.

The acquisition was funded with borrowings under MEMP's revolving credit facility. The effective date of this transaction is February 1, 2014.

Transaction Highlights

◾ Expected to be immediately accretive to distributable cash flow ◾ Estimated net proved reserves of 15.4 Bcfe (100% proved developed producing and 54% gas / 46% liquids) ◾ November net production of approximately 4.3 MMcfe/d (54% natural gas and 46% liquids) ◾ Proved reserve to production ratio of 9.8 years

Tags: Memorial Production Partners LP




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