People | Capital Markets | Private Equity Activity

Memorial Resource Development Shuffles Management Team

Share Print Bookmark    |    Friday,January 29,2016

The Board of Directors of Memorial Resource Development Corp. reported that John Weinzierl will resign as Chief Executive Officer and as a member of the Board, effective immediately to focus entirely on Memorial Production Partners LP as its Chief Executive Officer and Chairman, positions he has held since 2011. 

The Board has elected Jay Graham, former Co-CEO of WildHorse Resources II, LLC, to replace Weinzierl as MRD's Chief Executive Officer.  Graham was also elected to the Board of Directors, filling the vacancy created by Weinzierl.

In announcing his transition, Weinzierl said, "Given the complexity of managing two public and affiliated companies, we have decided to focus 100% of my efforts as the CEO and Chairman of MEMP.  I am truly confident that Jay is uniquely qualified to lead MRD.  He has an accomplished record of exceptional results and profitable growth in developing companies in the oil and gas industry."

Tony Weber, Chairman of the Board, said: "We are pleased to have a leader with Jay Graham's vision, integrity and industry knowledge guide MRD with its continued development and growth. I join the Board in sincerely thanking John for his leadership and dedication to MRD.  Both have been instrumental in the development of Terryville Field and positioning MRD to deliver shareholder value for years to come.

"Jay is a strong and experienced executive, who successfully led WildHorse Resources during the initial development of the Terryville Field, has a significant ownership position in MRD, represented by over 11 million shares, and the Board is confident that he can effectively lead MRD to continued financial and operational success."

Graham said: "I'm excited about the opportunity to build on the foundation created at MRD. With our dedicated employees, top-tier assets, unwavering focus on execution and financial strength, I'm confident MRD can achieve its vision as a premier North American independent exploration and production company."

Graham has 23 years of experience in the oil and gas industry, notably with Halliburton, Devon Energy and Anadarko Petroleum in various technical and leadership capacities.  In 2007, Graham co-founded WildHorse Resources, LLC and subsequently acquired Petrohawk Energy's interests in Terryville Field in 2010.  WildHorse Resources, LLC drilled the initial horizontal wells in Terryville Field and operated as a subsidiary of MRD prior to MRD's initial public offering in 2014.  Graham has a Bachelor of Science degree in petroleum engineering from Texas A&M University.

Highlights of Graham's management and executive accomplishments in North Louisiana and Terryville Field include:

• Former Co-CEO and Co-Founder of WildHorse Resources II, LLC
• Former President and Co-Founder of WildHorse Resources, LLC
• Current MRD share ownership position of 11.6 million shares
• Drilled the first 55 horizontal wells in the Terryville Field and 64 total horizontal Cotton Valley wells in North Louisiana
• Applied for and received the first Cotton Valley cross unit lateral approval for a horizontal well in North Louisiana in 2013 allowing for the successful development of the Terryville Field
• Instrumental in leading Anadarko Petroleum's first horizontal well in the Carthage Field in 2007