HOUSTON, March 25, 2014 (GLOBE NEWSWIRE) -- Memorial Production Partners LP (Nasdaq:MEMP) announced today that it has acquired certain oil and gas producing properties in the Eagle Ford trend from Alta Mesa Holdings, LP for a purchase price of $173 million, subject to customary purchase price adjustments. The transaction has an effective date of January 1, 2014. The acquired properties are located in Karnes County in the core of the Eagle Ford oil window and consist of approximately 15,200 gross (800 net) acres that are currently producing approximately 1,650 Boe/d (80% oil, 10% NGLs and 10% natural gas) net to MEMP. The properties are 100% non-operated and include interests in 117 producing wells. In addition, MEMP is acquiring a 30% interest in the seller's Eagle Ford leasehold, which includes an interest in over 180 gross and 9 net PDNP and PUD locations. Murphy Oil Corporation is the primary operator of the acquired properties. Under the transaction structure, MEMP will acquire all of the seller's working and net revenue interest in the producing wells subject to a net profits interest ("NPI") retained by the seller that reduces annually and terminates after three years. At the end of three years, MEMP will own all of the seller's interests in the currently producing wells. The seller retained NPI results in a working and net revenue interest that escalates annually to MEMP. This structure is designed to offset natural production declines, minimize maintenance capital requirements and maintain more stable cash flow throughout the life of the assets. MEMP's effective working and net revenue interest in the 117 producing wells will increase, as the NPI reduces, to: (i) 50% of seller's interest from January 1, 2014 through December 31, 2014; (ii) 70% of seller's interest from January 1, 2015 through December 31, 2015; (iii) 85% of seller's interest from January 1, 2016 through December 31, 2016; and (iv) 100% of seller's interest from January 1, 2017 and thereafter.