MIDLAND, Texas, March 29, 2010 (GLOBE NEWSWIRE) -- Legacy Reserves LP (Nasdaq:LGCY) today announced it has entered into an agreement with Brigham Exploration Co. to purchase oil and gas properties located in the Permian Basin for $14.0 million, subject to customary closing adjustments. The subject properties produce approximately 233 Boe per day, of which 90% is oil. The closing is expected to be on or about April 30, 2010.
Over 75% of the properties by value are operated, and the production is in close proximity to existing Legacy assets. The wells are located primarily in Dawson, Howard, Midland and Stonewall counties in the Permian Basin. Cary Brown, Legacy's Chairman and Chief Executive Officer, commented, "This acquisition fits in our existing Permian Basin footprint and allows us to continue to grow our production and reserve base. Including this acquisition, we will have acquired oil and gas properties totaling approximately $146 million year to date."
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.
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