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Press release from GlobeNewswire (a Nasdaq OMX company)

Legacy Reserves LP Announces Closing of Public Offering of Units Representing Limited Partner Interests

Thursday, November 15, 2012

Legacy Reserves LP Announces Closing of Public Offering of Units Representing Limited Partner Interests08:45 EST Thursday, November 15, 2012MIDLAND, Texas, Nov. 15, 2012 (GLOBE NEWSWIRE) -- Legacy Reserves LP (Nasdaq:LGCY) today announced that it has closed its previously announced public offering of an aggregate of 8,700,000 units representing limited partner interests at a price to the public of $24.80 per unit ($23.808 per unit to Legacy Reserves LP, net of underwriting discount and commissions) in an underwritten public offering pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. An additional 1,305,000 units could be sold to the underwriters pursuant to their 30-day option to purchase additional units. We intend to use the net proceeds of this offering, including the net proceeds from any exercise of the underwriters' option to purchase additional units, to fund a portion of the $520 million purchase price of our pending acquisition of oil and natural gas properties in the Permian Basin from Concho Resources, Inc. Prior to funding the pending acquisition described above, we may use some or all of the net proceeds for general partnership purposes, which may include repayment of outstanding borrowings under our revolving credit facility. Wells Fargo Securities, Barclays, BofA Merrill Lynch, Citigroup, J.P. Morgan, Raymond James, RBC Capital Markets and UBS Investment Bank acted as joint book-running managers of this offering. 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. The Legacy Reserves logo is available at This press release includes forward-looking statements regarding future events. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of Legacy Reserves LP, and a variety of risks that could cause results to differ materially from those expected by the management of Legacy Reserves LP. Legacy Reserves LP undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.CONTACT: Legacy Reserves LP Dan Westcott Executive Vice President and Chief Financial Officer 432-689-5200