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Memorial Production Closes Cotton Valley Acquisition
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Memorial Production Partners LP announced today that it has closed its previously announced acquisition of oil and natural gas properties in East Texas from Goodrich Petroleum Corporation for $93.2 million, subject to customary post-closing adjustments. The acquisition was funded with borrowings under MEMP's existing credit facility. The effective date for this transaction is July 1, 2012.
"We are pleased to announce our second distribution increase which represents a 4.2% increase over the annualized minimum quarterly distribution of $1.90 per unit," said John A. Weinzierl, Chairman, President and Chief Executive Officer of the general partner of MEMP. "This increase is a reflection of the $178 million of assets we have acquired so far this year that provide MEMP with a long-lived…
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