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Last10K.com | 10-K Annual Report Fri Mar 30 2012
For Immediate Release
Memorial Production Partners LP Announces Fourth Quarter and Full Year 2011 Results,
Updated Commodity Hedge Positions and 2012 Guidance
HOUSTON, TEXAS, March 21, 2012Memorial Production Partners LP (NASDAQ: MEMP) announced today its operating and financial results for the three and twelve months ended December 31, 2011. In addition, MEMP announced 2012 guidance and an update of its commodity hedge positions presented in the Hedge Summary Table below.
Initial public offering (IPO) closed on December 14, 2011; total of 9,600,000 common units issued to the public for net proceeds of $157.1 million (including the exercise of underwriters over-allotment option on December 22, 2011 of 600,000 units).
Average daily production of 48.8 MMcfe(1).
Five-year, $1 billion credit facility with borrowing base of $300 million. As of December 31, 2011, our liquidity of $181.1 million consisted of $1.1 million of available cash, and $180 million of available borrowing capacity.
Estimated proved reserves of 324.1 Bcfe as of December 31, 2011 of which 79.5% were classified as proved developed; 87% natural gas, 9% natural gas liquids and 4% oil; proved reserve life of 18 years; and standardized measure(2) of $378.3 million. Our standardized measure increased approximately $19.1 million from our pro forma proved reserves at December 31, 2010, as disclosed in our final prospectus filed with the Securities and Exchange Commission (SEC) on December 9, 2011, of $359.2 million. Estimates of proved reserves as of December 31, 2011 were prepared by the independent engineers of Netherland, Sewell & Associates, Inc.
During April and May 2011, our predecessor acquired significant oil and gas properties from third parties. Average daily net production was 48.8 MMcfe from the acquisition date through December 31, 2011.
Standardized measure is defined as the present value of estimated future net revenues to be generated from the production of proved reserves, determined in accordance with the rules and
The following information was filed by Memorial Production Partners Lp (MEMP) on Wednesday, March 21, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Memorial Production Partners Lp's Definitive Proxy Statement (Form DEF 14A) filed after their 2012 10-K Annual Report includes:
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