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Memorial Production Partners Reports Director Resignations

Share Print Bookmark    |    Monday,March 07,2016

The Board of Directors (the Board) of Memorial Production Partners GP LLC, the general partner of Memorial Production Partners LP, announced that Scott Gieselman, Kenneth Hersh and Tony Weber have resigned as directors effective immediately.  The resignations announced today are not related to any disagreement with MEMP's operations, policies or practices. 

The Board also announced the appointment of William J. Scarff to serve as a director. There are currently no plans to fill the remaining vacated seats on the Board.

In connection with this announcement, Tony Weber commented, "NGP has played an integral role in MEMP's development and success and was the guiding force behind MEMP's initial public offering in 2011.  We are pleased with the progress made at MEMP since its initial public offering and believe the Partnership has positioned itself strategically to withstand the current market environment.  NGP continues to value MEMP's strong management team and remains confident in its ability to manage the Partnership going forward.  The resignations reflect the limited duration of private equity backed investments and is a natural occurrence in the life of a private equity firm."   

John Weinzierl, Chairman and CEO stated, "On behalf of the Board and the Partnership, I want to thank Messrs. Gieselman, Hersh and Weber for their years of service to MEMP. They have been invaluable resources to the Board, and the Partnership has benefited greatly from their professionalism, dedication and experience. NGP has provided strong support and valued input to the Partnership, and we are extremely proud of what we've accomplished together."  Mr. Weinzierl continued by stating, "We are pleased with the addition of Bill Scarff to the Board.  He brings to the Board over 30 years of oil and gas industry experience, including starting and leading successful private energy companies, and has made significant contributions to the Partnership since he became President in January 2014.  Bill's extensive background and familiarity with the Partnership will be of great benefit to the Board."