Oil heavy, perfect MLP property. MEMP doesn't have an ATM, so they're probably looking at a big offering pretty soon, very large acquisition for them. It would be a good entry point, it's under-priced as it is. I wish VNR had bought that rather than a 10% interest in gas that isn't even developed.
It does appear to be a very nice fit, low decline, high PDP, very little development risk, huge R/P...
The 5% annualized decline is one of the best I've seen in a while. Linn's Olinde Brea properties have 3% decline from what I remember off the top of my head. I think the offshore California oil properties that MEMP bought last year had declines of well under 10%.
10-11% is fairly normal for conventional, mature production, so anything in the single digits is well suited for an E&P MLP.