Memorial Production Partners (MEMP) entered into a forbearance agreement with certain noteholders and reached an agreement with the lenders under its revolving credit facility to extend the facility through December 16, 2016.

Wells Fargo is administrative agent for the lender group.

As previously announced, MEMP is engaged in ongoing discussions with its lenders and a steering committee of its noteholders regarding potential strategic alternatives to strengthen its balance sheet and improve its capital structure. The forbearance agreement and extended waiver will allow the parties to continue this dialogue and work towards a comprehensive solution that substantially improves MEMP’s balance sheet.

Operations are continuing as normal across MEMP’s asset base.

Perella Weinberg Partners served as financial advisor to MEMP, and Weil, Gotshal & Manges served as its legal counsel.

Houston-based Memorial Production Partners is a publicly traded partnership engaged in the acquisition, production and development of oil and natural gas properties in the U.S.