Total debt outstanding as of June 30, 2012 was $204 million under MEMP's 5-year, $1.0 billion revolving credit facility with a borrowing base of $300 million. As of June 30, 2012, MEMP's liquidity of $99.4 million consisted of $3.4 million of available cash and $96 million of available borrowing capacity. MEMP had total debt outstanding as of August 1, 2012 of $199 million and liquidity of $101 million, which management believes will provide the financial flexibility to continue pursuing MEMP's acquisition growth strategy.
Second Quarter 2012 Cash Distribution
As announced on July 20, 2012, the board of directors of MEMP's general partner approved a cash distribution of $0.48 per unit for the second quarter of 2012. This distribution represents an annualized rate of $1.92 per unit. The distribution will be paid on August 13, 2012 to unitholders of record as of the close of business on August 1, 2012.
Quarterly Report on Form 10-Q
MEMP's financial statements and related footnotes will be available in MEMP's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, which will be filed with the SEC on or before August 14, 2012.
MEMP will host an investor conference call today at 9:00 a.m. Central Time to discuss these operating and financial results. Interested parties may join the webcast by visiting MEMP's website
and clicking on the webcast link or by dialing (866) 501-5542 at least fifteen minutes before the call begins and providing the passcode 93190812. The webcast and a telephonic replay will be available for seven days following the call and may be accessed by visiting MEMP's website,
or by dialing (855) 859-2056 and providing the passcode 93190812.
About Memorial Production Partners LP
Memorial Production Partners LP is a Delaware limited partnership that was formed to own and acquire oil and natural gas properties in North America. MEMP's properties are located in South Texas and East Texas/North Louisiana and consist of mature, legacy onshore oil and natural gas reservoirs. MEMP is headquartered in Houston, Texas. For more information, visit
The Memorial Production Partners logo is available at
This press release may include "forward-looking statements" as defined by the Securities and Exchange Commission ("SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events or developments that MEMP expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by MEMP based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of MEMP, which may cause MEMP's actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to financial performance and results, availability of sufficient cash flow to pay distributions and execute MEMP's business plan, prices and demand for natural gas and oil, MEMP's ability to replace reserves and efficiently develop its current reserves and other important factors that could cause actual results to differ materially from those projected as described in MEMP's reports filed with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. For a more complete list of these risk factors, please read MEMP's filings with the SEC, which are available on MEMP's Investor Relations website at
or on the SEC's website at
. MEMP undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release.
The SEC permits oil and gas companies, in their filings with the SEC, to disclose only "reserves" as defined by SEC rules. Estimates of reserves in this communication are based on economic assumptions with regard to commodity prices (NYMEX oil and natural gas futures prices as of February 26, 2012, March 26, 2012 and May 3, 2012) that differ from the prices required by the SEC (historical 12 month average) to be used in calculating reserves estimates prepared in accordance with SEC rules. In addition, the estimates of reserves in this press release were prepared by internal reserve engineers and are based on various assumptions, including assumptions related to oil and natural gas prices as discussed above, drilling and operating expenses, capital expenditures, taxes and availability of funds. MEMP's internal estimates of proved reserves may differ materially from the estimates of its proved reserves as of December 31, 2012 that will be prepared by Netherland, Sewell & Associates, Inc. as a result of the SEC pricing and other assumptions employed by an independent reserve engineering firm.