updated 5/5/2011 2:16:24 PM ET 2011-05-05T18:16:24

MIDLAND, Texas, May 5, 2011 (GLOBE NEWSWIRE) -- Legacy Reserves LP ("Legacy") (Nasdaq:LGCY) has closed the previously announced acquisition of Permian Basin natural gas properties for $66.1 million in cash, excluding revenue suspense and subject to customary post-closing adjustments. The properties include 126 wells, 100 of which are operated, that are located in Eddy and Chaves Counties, New Mexico. In addition, the acquisition encompasses a natural gas gathering system and related compression facilities gathering gas from the acquired wells and some third party wells. Legacy estimates net daily sales of 7.6 MMcf of natural gas, 397 Bbls of NGLs, and 4 Bbls of oil, as well as proved reserves of 40.7 Bcfe. All of the evaluated reserves from this pending acquisition are considered proved developed producing ("PDP"). There are also multiple locations included in this acquisition that will be evaluated for future drilling. 

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. Additional information is available at www.LegacyLP.com .

CONTACT: Legacy Reserves LP
         Steven H. Pruett, 432-689-5200
         President and Chief Financial Officer

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%
Source: Bankrate.com