Memorial Resource Development Corp. Announces Second Quarter Results

HOUSTON, Aug. 5, 2015 (GLOBE NEWSWIRE) -- Memorial Resource Development Corp. (Nasdaq:MRD) announced today its operating and financial results for the three months ended June 30, 2015.

Financial highlights from second quarter 2015 include:

• Increased average daily production 39% to 268 MMcfe/d for the second quarter 2015 compared to 193 MMcfe/d for the second quarter 2014
• Reported Adjusted EBITDA⁽¹⁾ of $82.8 million for the second quarter 2015 compared to $81.5 million for the second quarter 2014
• Reported Adjusted Net Income⁽¹⁾ of $17.3 million for the second quarter 2015 compared to $40.2 million for the second quarter 2014

Other significant highlights include:

• Completed 2 gross horizontal wells in the second quarter 2015 including:
  • The one well Drewett pad reported a thirty-day initial production ("IP") rate of 27.7 MMcfe/d and had a lateral length of 7,458 feet
  • The one well Aulds pad reported a thirty-day IP rate of 17.2 MMcfe/d and had a lateral length of 6,905 feet
• Added 31,157 net acres year-to-date in and around the Terryville Field through MRD's active leasing program
  • As of July 31, 2015, MRD owned 107,109 gross (92,314 net) acres in the Terryville Field, representing a 79% increase in MRD's net acreage position since its initial public offering

"We are pleased with our progress and execution in 2015. We've expanded our acreage position in North Louisiana by adding an additional 31,157 net acres year-to-date, which continues to increase our drilling inventory. As we have previously communicated, we expect a significant increase in production during the second half of 2015 driven by completions during the period," said John Weinzierl, Chief Executive Officer of MRD. "In addition to delivering top tier production growth, we believe MRD represents a best-in-class E&P company providing investors exposure to one of the most prolific natural gas basins in the country characterized by high initial production rates, minimal basis differentials and ample takeaway capacity."

Link to complete text:  http://investor.memorialrd.com/releasedetail.cfm?releaseid=925783