HOUSTON, Sept. 02, 2016 (GLOBE NEWSWIRE) -- The Board of Directors (the Board) of Memorial Production Partners GP LLC (MEMP GP), the general partner of Memorial Production Partners LP (NASDAQ:MEMP), announced today that John A. Weinzierl has submitted his resignation as Chief Executive Officer of MEMP GP effective immediately. Mr. Weinzierl will remain actively involved with MEMP by continuing to serve as a director on the Board, a position he has held since the partnership’s initial public offering in 2011.
The Board has elected William J. Scarff, the current President of MEMP GP, to the additional role of Chief Executive Officer, and Jonathan M. Clarkson, currently serving as an independent director on the Board, will transition to the role of non-executive Chairman of the Board. Mr. Scarff has over 30 years of oil and gas industry experience, including starting and leading successful private energy companies, and has made significant contributions to MEMP since he became President in January 2014. Mr. Scarff is also a member of the Board. Mr. Clarkson has an oil and gas career spanning over 40 years and has held numerous financial management positions with both public and private oil and gas exploration and production companies, including as Chief Financial Officer of Ocean Energy Corp., leadership positions, including Chairman, President and CEO of Houston Region of Texas Capital Bank, and roles on several other public and private company management teams and boards.
“On behalf of the Board, we would like to thank John for his years of service as CEO. John was the driving force behind MEMP’s formation and its IPO and led MEMP’s growth from producing under 50 MMcfe/d in one state in MEMP’s first quarter as a public company to over 230 MMcfe/d in five states in the second quarter of 2016,” said Jonathan M. Clarkson. “I am pleased that we are able to make a seamless CEO transition and have confidence that Bill will effectively and successfully lead the Company.”
“John has made a tremendous imprint on this organization, and I am honored by the Board’s confidence in me to take on this new role,” said William J. Scarff. “Both John Weinzierl and Jon Clarkson have been instrumental in MEMP’s success since the IPO and we are fortunate to have their involvement on an ongoing basis. I look forward to working with the Board, the management team and our employees, as we continue to strive for value creation for our stakeholders.”
“Given Bill’s position as President of MEMP GP and Jon’s role as a member of the Board since MEMP’s IPO in 2011, and the wealth of experience they each bring from their respective very successful oil and gas careers, the other members of the Board and I are assured that MEMP will be effectively managed and will thrive,” said John A. Weinzierl. “I look forward to supporting MEMP with strategic input in my ongoing role as a member of the Board and will be available for whatever Bill and the management team see as helpful and appropriate.”
About Memorial Production Partners LP
Memorial Production Partners LP is a publicly traded partnership engaged in the acquisition, production and development of oil and natural gas properties in the United States. MEMP’s properties consist of mature, legacy oil and natural gas fields. MEMP is headquartered in Houston, Texas. For more information, visit www.memorialpp.com.
