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.
News For MEMP From The Last 14 Days
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Memorial Production upgraded to Buy from Neutral at Ladenburg Ladenburg upgraded Memorial Production to Buy saying the company is well-positioned to increase its distribution through acquisitions and low-risk development. The firm raised its price target for shares to $26 from $19.