Memorial Production Partners LP (NYSE: MEMP) said July 1 that it closed a $915 million acquisition of oil-producing properties in Wyoming.
The acquisition should benefit cash flow and net asset value “immediately,” the company said, noting that the properties’ production profile is “stable” and “long-lived” with an annual proved developed producing decline rate of about 5%.
Memorial Production Partners said that the estimated proved reserves would be about 84 million barrels, 59% of which is proved undeveloped.
The capex requirements for the properties are “minimal,” the company said.
Additionally, the ...