HOUSTON, Nov. 4, 2014 (GLOBE NEWSWIRE) -- Memorial Resource Development Corp. (Nasdaq:MRD) announced today that its wholly-owned subsidiary, Terryville Mineral & Royalty Partners LP ("TRVL"), has filed a Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission ("SEC") in connection with its proposed initial public offering of common units representing limited partner interests. TRVL's initial assets are expected to consist of overriding royalty interests in certain of MRD's acreage in the Terryville Complex, which overriding royalty interests would entitle TRVL to receive 7% of gross revenues from production within such acreage on MRD's existing horizontal wells and future wells completed by MRD.
The number of common units to be offered and the price range for the offering have not been determined. TRVL intends to apply for a listing of the common units on the NASDAQ under the symbol "TRVL." MRD will control the general partner of TRVL and also expects to own all of TRVL's subordinated units and a majority of its common units. It is anticipated that the net proceeds from the proposed offering will be distributed to MRD.
A registration statement relating to these securities has been filed with the SEC but has not yet been declared effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
Barclays Capital Inc. will act as book running manager for the proposed offering. The offering of common units will be made only by means of a prospectus. A copy of the preliminary prospectus relating to this offering may be obtained, when available, from:
|Barclays Capital Inc.|
|c/o Broadridge Financial Solutions|
|1155 Long Island Avenue|
|Edgewood, NY 11717|
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Memorial Resource Development Corp.
Memorial Resource Development Corp. is an independent natural gas and oil company engaged in the acquisition, exploration and development of natural gas and oil properties primarily in North Louisiana and East Texas.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain forward looking statements that are subject to a number of risks and uncertainties including, among other things, that TRVL will not complete an initial public offering. Furthermore, the structure and nature of TRVL may change materially from those described herein. No assurance can be given as to the value of TRVL, the price at which its securities may trade, or whether a liquid market for those securities will develop or be maintained. Forward-looking statements can be identified by words such as "anticipates," "intends," "will," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods. All statements, other than historical facts included in this press release, that address activities, events or developments that MRD expects or anticipates will or may occur in the future, including those related to TRVL and its proposed offering, are forward-looking statements. All forward-looking statements speak only as of the date of this press release. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond MRD's control. For a full discussion of these risks and uncertainties, please refer to the "Risk Factors" section of TRVL's Registration Statement on Form S-1 and the information included in subsequent filings it makes with the SEC. MRD refers you to those discussions for further information. Although MRD believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecasted in such statements. MRD has no intention, and disclaims any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.
CONTACT: Memorial Resource Development Corp. Hays Mabry - Manager, Investor Relations (713) 588-8339 firstname.lastname@example.org
Source:Memorial Resource Development Corp.