Memorial Production Partners Announces Closing of Acquisition of Oil and Gas Properties from Goodrich Petroleum

Memorial Production Partners

announced today that it has closed its previously announced acquisition of oil and natural gas properties in East Texas from Goodrich Petroleum

for $93.2 million, subject to customary post-closing adjustments. The acquisition was funded with borrowings under MEMP's existing credit facility. The effective date for this transaction is July 1, 2012. The acquisition is expected to be immediately accretive to both distributable cash flow per unit and net asset value per unit while improving MEMP's operating margin. In conjunction with the closing of the acquisition, the board of directors of its general partner approved a cash distribution of $0.495 per unit for the third quarter of 2012. This distribution represents an annualized amount of $1.98 per unit and a $0.06 annualized increase over the second quarter annualized distribution of $1.92 per unit and will be paid on November 12, 2012 to unitholders of record as of the close of business on November 1, 2012. "We are pleased to announce our second distribution increase which represents a 4.2% increase over the annualized minimum quarterly distribution of $1.90 per unit," said John A. Weinzierl, Chairman, President and Chief Executive Officer of