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Press release from CNW Group

Legacy Oil + Gas Inc. announces closing of light oil corporate and asset Acquisitions

Wednesday, April 17, 2013

Legacy Oil + Gas Inc. announces closing of light oil corporate and asset Acquisitions

17:37 EDT Wednesday, April 17, 2013

CALGARY, April 17, 2013 /CNW/ - Legacy Oil + Gas Inc. ("Legacy" or the "Company") (TSX:LEG) has closed the acquisition of Villanova Oil Corp. ("Villanova") and the acquisition of light oil assets from a senior producer previously announced on April 3, 2013 (the "Acquisitions").  Through the Acquisitions, Legacy acquired high quality, high netback, light oil assets focused in its southeast Saskatchewan and Turner Valley core areas for total consideration of $108.6 million in cash (subject to certain adjustments and including assumed net debt) and 13.9 million Legacy common shares.  The producing properties are predominantly operated with high working interests, 3D seismic coverage and control of key producing infrastructure and are associated with a light oil prospective undeveloped land base.  The Acquisitions also add several key sections of land in Legacy's Taylorton and Pinto core areas.

Legacy has added to its previously announced crude oil hedging program. The Company's crude oil hedge position is now 3,000 Bbls per day of the intended minimum 5,000 Bbls per day:

  Volume (Bbls/d)     Price (C$/Bbl) WTI   Term
1,000 97.60   May 2013 - Dec 2013  
1,000 97.65 May 2013 - Dec 2013
1,000 95.50 May 2013 - Dec 2013

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 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.

SOURCE: Legacy Oil + Gas Inc.

For further information:

Trent J. Yanko, P.Eng.
President + CEO

Legacy Oil + Gas Inc.
4400 Eighth Avenue Place
525 - 8th Avenue SW
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 Eighth Avenue Place
525 - 8th Avenue SW
Calgary, AB T2P 1G1

Telephone: 403.441.2300
Fax: 403.441.2017

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