updated 11/24/2010 2:15:55 AM ET 2010-11-24T07:15:55

MIDLAND, Texas, Nov. 23, 2010 (GLOBE NEWSWIRE) -- Legacy Reserves LP (Nasdaq:LGCY) today announced it has closed a public offering of an aggregate of 3,450,000 units representing limited partner interests at a price to public of $25.36 per unit ($24.29 per unit to Legacy Reserves LP, net of underwriting discount and commissions), including 450,000 units sold to the underwriters pursuant to their option to purchase additional units, which the underwriters exercised in full on November 18, 2010. Legacy Reserves LP intends to use the total net proceeds from the offering, excluding offering expenses, of approximately $83.8 million to fund a portion of the purchase price of our previously announced acquisition of oil and natural gas properties in the Permian Basin. The offering was not conditioned upon the closing of such acquisition, which is expected to occur on December 22, 2010. Pending the use of the net proceeds for such purpose, Legacy Reserves LP may use some or all of the net proceeds to reduce outstanding borrowings under its revolving credit facility and for general partnership purposes.

Wells Fargo Securities, LLC, Raymond James & Associates, Inc. and Citigroup Global Markets Inc. acted as joint book-running managers of the offering.   RBC Capital Markets, LLC acted as senior co-manager and Robert W. Baird & Co. Incorporated and Stifel, Nicolaus & Company, Incorporated acted as co-managers of the offering.

About Legacy Reserves LP

Legacy Reserves LP is an independent oil and natural gas limited partnership headquartered in Midland, Texas, focused on the acquisition and development of oil and natural gas properties primarily located in the Permian Basin, Mid-Continent and Rocky Mountain regions of the United States.

The Legacy Reserves logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3201

Statements contained in this press release may be forward-looking statements as defined under federal law. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of Legacy Reserves LP, and a variety of risks that could cause results to differ materially from those expected by the management of Legacy Reserves LP. Legacy Reserves LP undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

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