MIDLAND, Texas, April 30, 2008 (PRIME NEWSWIRE) -- Legacy Reserves LP (Nasdaq:LGCY) today announced it has closed the previously announced acquisition of primarily Permian Basin and Mid-continent properties for $50.6 million cash and 1,345,291 newly issued units representing limited partner interests in Legacy Reserves LP to the seller. The transaction is subject to customary post closing adjustments.
Coincident with the closing and with the satisfaction of certain customary conditions, the borrowing base available under Legacy's credit facility was increased to $320 million from the previous $272 million. As a result of this increase, Legacy has in excess of $140 million of borrowing capacity available under its credit facility.
About Legacy Reserves LP
We are an independent oil and natural gas limited partnership headquartered in Midland, Texas, and are 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.primenewswire.com/newsroom/prs/?pkgid=3201
Cautionary Statement Relevant to Forward-Looking Information
This press release contains forward-looking statements relating to Legacy's operations that are based on management's current expectations, estimates and projections about its operations. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "schedules," "estimated," and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Legacy undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are realized oil and natural gas prices; production volumes; lease operating expenses, general and administrative costs and finding and development costs; future operating results; and the factors set forth under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2007.