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.
◾ 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