Memorial Production to pay down revolver with funds from asset sale

By Marisa Wong

Morgantown, W.Va., June 20 – Memorial Production Partners LP said it intends to reduce borrowings under its revolving credit facility using proceeds from an asset sale.

The company has entered into an agreement to sell some of its non-core Rockies assets in Colorado and Wyoming for cash consideration of about $19.1 million, according to a press release.

The transaction is expected to close during the third quarter.

Memorial is focused on the acquisition, production and development of oil and natural gas properties in the United States. The company is based in Houston.

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