Press release from GlobeNewswire (a Nasdaq OMX company)
Legacy Reserves LP Increases Quarterly Cash Distribution to $0.585 Per Unit, Schedules Conference Call to Report Third Quarter 2013 Results, and Announces Increased Borrowing Base of $800 Million
Tuesday, October 22, 2013
Legacy Reserves LP Increases Quarterly Cash Distribution to $0.585 Per Unit, Schedules Conference Call to Report Third Quarter 2013 Results, and Announces Increased Borrowing Base of $800 Million14:09 EDT Tuesday, October 22, 2013
MIDLAND, Texas, Oct. 22, 2013 (GLOBE NEWSWIRE) -- Legacy Reserves LP ("Legacy") (Nasdaq:LGCY) today announced that the Board of Directors of its general partner has approved a cash distribution attributable to the third quarter of 2013 of $0.585 per unit, payable on November 14, 2013, to unitholders of record at the close of business on November 1, 2013. This quarterly distribution is a $0.005 increase from the prior quarter and represents an annualized distribution of $2.34 per unit. This marks the 12th consecutive increase in Legacy's quarterly distribution.
Legacy will provide the details of its third quarter operating and financial performance with its earnings report which is scheduled to be released on Monday, November 4, 2013, following the close of NASDAQ trading.
Earnings Conference Call
A teleconference and webcast will be held on Tuesday, November 5, 2013, beginning at 9:00 a.m. Central Time. Those wishing to participate in the conference call should dial 877-266-0479. A replay of the call will be available through Tuesday, November 12, 2013, by dialing 855-859-2056 or 404-537-3406 and entering replay code 87771876. Those wishing to listen to the live or archived webcast via the Internet should go to the Investor Relations tab of our website at www.LegacyLP.com.
Increased Borrowing Base of $800 Million
Legacy also announced today that it has secured commitments from its bank group to expand its borrowing base to $800 million from the previous $737.5 million under its $1 billion secured revolving Credit Agreement with its Administrative Agent, Wells Fargo Bank, National Association; its Syndication Agent, Compass Bank; and its co-Documentation Agents, UBS AG and U.S. Bank National Association.
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 our operations 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 Securities and Exchange Commission. 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.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of Legacy's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Legacy's distributions to foreign investors are subject to federal income tax withholding at the highest applicable rate.
CONTACT: Legacy Reserves LP Dan Westcott Executive Vice President and Chief Financial Officer 432-689-5200