MIDLAND, Texas, Oct. 23, 2008 (GLOBE NEWSWIRE) -- Legacy Reserves LP (Nasdaq:LGCY) today announced that the board of directors of its general partner has approved a cash distribution attributable to the third quarter of 2008 of $0.52 per unit, payable on November 14, 2008 to unitholders of record at the close of business on November 3, 2008. This quarterly distribution represents an annualized distribution of $2.08 per unit.
"Our distribution is supported by our solid production performance and our oil and natural gas hedge position in 2009 and beyond. Furthermore, our operating results and financial liquidity allow us to continue to execute our business plan and our acquisition strategy," said Cary Brown, Chairman and Chief Executive Officer.
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 and Mid-continent regions of the United States. Additional information is available at www.LegacyLP.com.
The Legacy Reserves logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3201
Withholding Information
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of Legacy's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Legacy's distributions to foreign investors are subject to federal income tax withholding at the highest applicable rate.