Press release from GlobeNewswire (a Nasdaq OMX company)
Legacy Reserves LP Announces Acquisition of Permian Basin Properties for $72 Million
Thursday, May 30, 2013
Legacy Reserves LP Announces Acquisition of Permian Basin Properties for $72 Million06:00 EDT Thursday, May 30, 2013
MIDLAND, Texas, May 30, 2013 (GLOBE NEWSWIRE) -- Legacy Reserves LP ("Legacy") (Nasdaq:LGCY) today announced it has entered into an agreement to purchase oil properties in the Permian Basin for $72 million from Resaca Exploitation, Inc. ("Resaca"). These properties have current net production of approximately 668 barrels of oil equivalent ("Boe") per day. Legacy estimates that these properties contain 3.8 MMBoe of proved reserves of which approximately 88% are oil and 84% are classified as proved developed producing. Closing of the acquisition remains subject to a vote of Resaca's shareholders but is anticipated to occur within 75 days, and is also subject to customary purchase price adjustments and closing conditions.
About Legacy Reserves LP
Legacy Reserves LP is a master 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. Additional information is available at www.LegacyLP.com.
Cautionary Statement Relevant to Forward-Looking Information
This press release contains forward-looking statements relating to the pending acquisition that are based on management's current expectations, estimates and projections about its operations. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "schedules," "estimated," and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: realized oil and natural gas prices; production volumes, lease operating expenses, general and administrative costs and finding and development costs; future operating results and the factors set forth under the heading "Risk Factors" in our annual and quarterly reports filed with the SEC. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Legacy undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Legacy Reserves LP Dan Westcott Executive Vice President and Chief Financial Officer 432-689-5200