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Press release from CNW Group

Legacy Oil + Gas Inc. Announces Increase in Bank Line

Monday, May 07, 2012

Legacy Oil + Gas Inc. Announces Increase in Bank Line17:02 EDT Monday, May 07, 2012CALGARY, May 7, 2012 /CNW/ - Legacy Oil + Gas Inc. ("Legacy") (TSX: LEG) is pleased to announce that its banking syndicate, led by BMO Capital Markets and including National Bank, the Bank of Nova Scotia, ATB Financial, Canadian Imperial Bank of Commerce, JP Morgan Chase Bank NA and The Toronto-Dominion Bank has increased the borrowing base from the previous $450 million to $525 million.  The next interim review is scheduled for October 31, 2012.The increase is due to Legacy's high netback light oil reserves, long reserve life and increased production over the past year and continues to provide Legacy with significant financial flexibility with which to conduct its operations.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.For further information: Trent J. Yanko, P.Eng. President + CEO Legacy Oil + Gas Inc. 4400, 525 - 8th Avenue S.W. Calgary, AB T2P 1G1 Telephone: 403.441.2300 Fax: 403.441.2017 Matt Janisch, P.Eng. Vice-President, Finance + CFO Legacy Oil + Gas Inc. 4400, 525 - 8th Avenue S.W. Calgary, AB T2P 1G1 Telephone: 403.441.2300 Fax: 403.441.2017