Memorial Production Partners LP to Acquire East Texas Oil and Gas Properties From Memorial Resource Development LLC

Memorial Production Partners LP

announced today that it has acquired certain oil and natural gas properties in East Texas from its sponsor, Memorial Resource Development LLC, for a purchase price of $27 million, subject to customary post-closing adjustments and receipt of third party consents. The acquisition was financed with borrowings under MEMP's existing credit facility and is effective as of April 1, 2012. The transaction included the novation of 2012 through 2014 commodity derivative positions to MEMP. Terms of the transaction were approved by the Board of Directors of the general partner of MEMP and by the board's conflicts committee, which is comprised entirely of independent directors.