Memorial Production acquires oil and gas properties off Southern CA for $271M Memorial Production Partners LP announced that it has signed a definitive agreement to acquire certain oil and gas producing properties offshore Southern California from Rise Energy Partners for a purchase price of $271M, which includes $3M of working capital and other customary adjustments. This transaction will have an effective date of September 1 and is expected to close in December. Terms of the transaction were approved by the board of the general partner of MEMP and by the board's conflicts committee, which is comprised entirely of independent directors.
Memorial Production downgraded to Neutral from Overweight at JPMorgan JPMorgan downgraded Memorial Production to Neutral citing weak oil prices at the operational issues that arose in Q3. The firm lowered its price target for shares to $16 from $26.