Legacy Reserves LP Announces an Increase to Its 2011 Development Capital Budget

/ Source: GlobeNewswire

MIDLAND, Texas, March 8, 2011 (GLOBE NEWSWIRE) -- Legacy Reserves LP ("Legacy") (Nasdaq:LGCY) today announced that the Board of Directors of Legacy Reserves GP, LLC, the general partner of Legacy Reserves LP, approved an increase to its 2011 development capital budget to $52 million, excluding acquisitions, from the previously announced $45 million, excluding acquisitions. The 2011 capital budget consists of development drilling and completion expenditures, recompletions, and restimulations of existing wells. This capital budget increase is primarily due to development projects associated with our Permian Basin acquisition that closed on December 22, 2010, as well as increased non-operated drilling activity in the Permian Basin. This capital budget may be adjusted during the year in response to changes in oil and natural gas prices, cash flow, results of operations and acquisitions. 

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 .

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