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May 5, 2014
06:02 EDTMEMPMemorial Production to acquire oil producing properties in Wyoming for $935M
Memorial Production announced that it has signed a definitive agreement to acquire certain oil producing properties in Wyoming for a purchase price of approximately $935M, subject to customary purchase price adjustments. The transaction has an effective date of April 1, and is expected to close in the third quarter. The acquired properties consist of established tertiary CO2 floods located in two fields in the Bairoil Complex in Sweetwater and Carbon Counties in Wyoming. The Bairoil Complex properties are 100% operated with an average working and net revenue interest of 100% and 88%, respectively. The properties cover approximately 6,800 gross acres and include 140 producing wells and 166 injection wells. The transaction is expected to be immediately accretive to distributable cash flow and net asset value. It is estimated to have proved reserves of approximately 83 MMBbls, current net production of approximately 5.9 MBbls/d, and assets to have high operating margins and moderate capital expenditure requirements.
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