Akin Gump Advises Natural Gas Partners, Memorial Resource Development Corp.’s Largest Shareholder, in Deal with Range Resources Corporation

(Houston) – Range Resources Corporation and Memorial Resource Development Corp. (MRD) announced today a definitive merger agreement under which Range will acquire all of the outstanding shares of common stock of MRD in an all-stock transaction valued at $4.4 billion. This valuation includes the assumption of MRD’s net debt, which was $1.1 billion as of March 31. Akin Gump represented Natural Gas Partners (NGP), which is MRD’s principal stockholder.

Completion of the transaction is subject to the approval of the respective companies' shareholders, certain regulatory approvals and customary closing conditions. The transaction is expected to close in the second half of 2016.

The Akin Gump team advising NGP included oil and gas partner John Goodgame and associates Heather Ashour and Erik Shoemaker.

Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.

 # # #