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Press release from CNW Group

LEGACY OIL + GAS INC. ANNOUNCES CLOSING OF EQUITY FINANCING AND EXERCISE OF OVER-ALLOTMENT OPTION

Wednesday, February 23, 2011

LEGACY OIL + GAS INC. ANNOUNCES CLOSING OF EQUITY FINANCING AND EXERCISE OF OVER-ALLOTMENT OPTION09:28 EST Wednesday, February 23, 2011/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./CALGARY, Feb. 23 /CNW/ - Legacy Oil + Gas Inc. ("Legacy") (TSX: LEG) is pleased to announce that it has completed the bought-deal financing, previously announced on February 1, 2011, co-led by GMP Securities L.P. and Macquarie Capital Markets Canada Ltd., and included FirstEnergy Capital Corp., BMO Capital Markets, National Bank Financial Inc., Scotia Capital Inc., Canaccord Genuity Corp., Cormark Securities Inc. and Raymond James Ltd. (collectively, the "Underwriters").  Under the financing, Legacy issued 9,355,000 shares ("Shares") for gross aggregate proceeds of $139.9 million.  The underwriting syndicate elected to exercise its over-allotment option in full with respect to the financing.Legacy is a uniquely positioned, well‐capitalized, technically driven, intermediate oil and natural gas company with a proven management team committed to aggressive, cost‐effective growth of light oil reserves and production in large hydrocarbon in‐place assets and resource plays. Legacy's common shares trade on the Toronto Stock Exchange under the symbol LEG.This press release shall not constitute an offer to sell, nor the solicitation of an offer to buy, any securities in the United States, nor shall there be any sale of securities mentioned in this press release in any state in the United States in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.For further information: Trent J. Yanko, P.Eng. President + CEO Legacy Oil + Gas Inc. 3900, Bow Valley Square II 205 - 5th Avenue S.W. Calgary, AB T2P 2V7 Telephone: 403.441.2300 Fax: 403.441.2017Matt Janisch, P.Eng. Vice-President, Finance + CFO Legacy Oil + Gas Inc. 3900, Bow Valley Square II 205 - 5th Avenue S.W. Calgary, AB T2P 2V7 Telephone: 403.441.2300 Fax: 403.441.2017