THE PLAY GROWS
Memorial Resource Development Corp. Announces Acquisition of Additional Acreage in North Louisiana, Operational Update and Increased Borrowing Base
HOUSTON, Sept. 21, 2015 (GLOBE NEWSWIRE) -- Memorial Resource Development Corp. (Nasdaq:MRD) today announced it has entered into separate transactions to acquire or lease certain acreage located adjacent to the Company's existing operating areas in North Louisiana.
Since January 1, 2015, MRD has either added, acquired, agreed to acquire, or secured the option to lease, an additional 132,758 net acres in North Louisiana for a total of approximately $373.8 million, which assumes the full option lease exercise cost, through the following:
- A definitive purchase and sale agreement to acquire a third-party's acreage in Jackson and Lincoln Parishes, Louisiana;
- An acreage option agreement to lease acreage in Bienville, Claiborne, Jackson and Lincoln Parishes, Louisiana; and
- MRD's continued organic leasing efforts in North Louisiana year-to-date 2015.
"I am excited about MRD's acreage additions that further increase our exposure to one of the premier basins and some of the most prolific natural gas fields in the country," said John Weinzierl, Chief Executive Officer of MRD. "These transactions are consistent with our strategy of expanding our already industry-leading position in North Louisiana. Based on our technical expertise, we believe the additional acreage will provide us additional opportunities to grow our inventory of over-pressured, horizontal, Lower Cotton Valley drilling projects."
As of September 21, 2015, after giving effect to the acquisition described below, and assuming the full exercise of the option agreement, MRD had 215,771 gross (193,915 net) acres in and around the Terryville Field, which represents a 276% increase in net acres since its initial public offering ("IPO") in June 2014.
Views: 1832
Replies to This Discussion
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Permalink Reply by Skip Peel - Mineral Consultant on
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Link to Sept. 2015 MRD presentation:
http://files.shareholder.com/downloads/AMDA-JTVQI/3458952724x0x8492...
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Permalink Reply by jeff boler on
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Skip, are there any well logs of this play that exist in the public realm?
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Permalink Reply by Skip Peel - Mineral Consultant on
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Yes. In the Document Access portion of SONRIS. Search Well Permit To Drill by serial number.
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Permalink Reply by Phillip Pruitt II on -
I have been contacted by a Mark O'neal and Associates Inc. about leasing some of our family property in Northern Louisiana. Is anyone here familiar with them?
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Permalink Reply by Skip Peel - Mineral Consultant on
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Mark A. O'Neal & Associates is a contract land company offering leases on behalf of a client. The company is based in Lafayette and has done work for numerous clients in Louisiana. The better question is, who are they leasing for? What was the offer and where is the land located? Jackson Parish?
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Permalink Reply by Phillip Pruitt II on
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Northern Bienville Parish, $100 an acre with a 1/5th royalty. Still trying to find out who they representing.
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Permalink Reply by Phillip Pruitt II on
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Mark O'neal and associates is shown as the Lessee.
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Permalink Reply by Phillip Pruitt II on
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Section 19, Township 17N, Range 04W
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