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Memorial Production Partners LP Announces Closing of Acquisition of Oil and Gas Properties; Announces Distribution Increase


Tuesday, 1 Oct 2013 04:05pm EDT 

Memorial Production Partners LP announced that it has closed its previously announced acquisition of oil and natural gas properties in the Permian Basin, East Texas, and the Rockies, from its sponsor, Memorial Resource Development LLC, and affiliates of Natural Gas Partners for an aggregate purchase price of approximately $603 million. The effective date for this transaction is July 1, 2013. In conjunction with the closing of the acquisition, the Board of Directors of MEMP's general partner approved an increase in the distribution rate to $0.55 per unit for the third quarter of 2013, representing an annualized amount of $2.20 per unit. This distribution represents an 11.1% increase over the quarterly distribution of $0.4950 per unit ($1.98 per unit on an annualized basis) related to the third quarter of 2012 and a year to date increase of approximately 8.4% over the quarterly distribution of $0.5075 per unit ($2.03 per unit on an annualized basis) paid in the first quarter of 2013. 

Company Quote

14.77
0.31 +2.14%
26 Dec 2014