Memorial Resource Development (MRD) Approves $50M Buyback Plan

Memorial Resource Development (NASDAQ: MRD) announced that its Board of Directors has authorized the repurchase of up to $50 million of MRD's common stock. In addition, MRD's bank group has re-affirmed the borrowing base under MRD's senior secured revolving credit facility at $725.0 million, based upon oil and gas reserves as of December 31, 2014. The next regular semi-annual redetermination of the borrowing base is scheduled for October 1, 2015.

Under the share repurchase program's terms, shares may be repurchased from time to time at MRD's discretion on the open market, through block trades or otherwise and are subject to market conditions, as well as corporate, regulatory and other considerations. The authorization is effective immediately.

In December 2014, MRD's Board of Directors authorized the repurchase of up to $50.0 million of MRD's outstanding common stock, which was completed in March 2015 with the repurchase of an aggregate of 2,888,684 shares of common stock. MRD retired all of the shares of common stock repurchased, and the shares of common stock are no longer issued or outstanding.

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