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Press release from CNW Group

LEGACY OIL + GAS INC. ANNOUNCES CLOSING OF SPEARFISH LIGHT OIL ASSET ACQUISITION

Tuesday, March 01, 2011

LEGACY OIL + GAS INC. ANNOUNCES CLOSING OF SPEARFISH LIGHT OIL ASSET ACQUISITION14:36 EST Tuesday, March 01, 2011CALGARY, March 1 /CNW/ - Legacy Oil + Gas Inc. ("Legacy") (TSX: LEG) is pleased to announce that it has completed its previously announced acquisition (the "Acquisition") of Spearfish light oil assets in the Pierson area of southwest Manitoba.  Legacy paid $93 million in cash (subject to customary closing adjustments) and issued 6.18 million common shares to Molopo Energy Canada Ltd. ("Molopo") pursuant to the Acquisition.  The Legacy common shares issued to Molopo pursuant to the Acquisition are subject to a contractual escrow arrangement preventing their resale for a period of 180 days following closing.Legacy is a uniquely positioned, 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 TSX 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: 403.441.2017          Matt 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