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.