Memorial Production to Acquire Oil and Gas Properties; Reports Distribution Increase, 2013 Guidance
Memorial Production Partners LP ( MEMP ) has signed a definitive agreement to acquire certain oil and gas producing properties offshore Southern California from for a purchase price of $271 million, which includes $3 million of working capital and other customary adjustments.
The Board of Directors of MEMP's general partner has also approved an increase in the distribution rate to $0.5075 per unit for the fourth quarter of 2012. This distribution rate will represent an annualized amount of $2.03 per unit and a 6.8% increase over the annualized minimum quarterly distribution of $1.90 per unit, as well as a 2.5% increase over the third quarter annualized distribution of $1.98 per unit.
Furthermore, the partnership has provided its 2013 guidance. Annual production is expected to be 28 Bcfe to 30 Bcfe and adjusted EBITDA to be $120 million to $124 million.
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