Memorial Buys Additional Acreage In Texas, La.

Plans to buy producing oil and gas properties in East Texas and North Louisiana.

Memorial Production Partners LP (Nasdaq:MEMP) plans to buy East Texas and North Louisiana producing oil and gas properties from its sponsor, Memorial Resource Development LLC for about $200 million.

The acquired properties represent additional working interests in Memorial Production’s existing 697 gross (196 net) wells located in the Carthage, Minden, and Spider fields in Rusk and Panola Counties in East Texas and DeSoto Parish in North Louisiana. MEMP will operate approximately half of the producing wells and 80% of the PDP reserves.The transaction adds net proved reserves of 162 billion cubic feet equivalent (Bcfe), 65% of which is proved, developed.

In addition, Memorial's net production increases by 21 MMcfe per day, 66% of which is natural gas and 34% liquids. The acquired assets show a stable, long-life production profile with the projected average annual developed base declining at about 8% annually.

The purchase adds 68,758 gross (29,778 net) acres to the company's leasehold portfolio, over 99% of which is held by production.

John A. Weinzierl, Chairman, president and chief executive of MEMP, said, "These assets strengthen MEMP's core operating areas in East Texas and North Louisiana and provide MEMP with a significant inventory of low cost development opportunities. Approximately 67% of our pro forma proved reserves will be located in East Texas and North Louisiana. Additionally, we are excited to announce, subject to the closing of this transaction, a distribution rate increase to $0.5125 per unit for the first quarter of 2013."