Legacy Reserves LP Announces $520 Million Acquisition of Permian Basin Properties From Concho Resources

Legacy Reserves LP Announces $520 Million Acquisition of Permian Basin
Properties From Concho Resources

MIDLAND, Texas, Nov. 7, 2012 (GLOBE NEWSWIRE) -- Legacy Reserves LP ("Legacy")
(Nasdaq:LGCY) today announced it has entered into an agreement to purchase
Permian Basin oil and natural gas properties from Concho Resources Inc. for
$520 million in cash, subject to customary purchase price adjustments. Legacy
anticipates closing to occur in December and to finance the transaction with
the proceeds from a public equity offering and borrowings under its revolving
credit facility, or subject to market conditions, proceeds from the issuance
of private or public debt securities. Highlights of this acquisition are as
follows:

  *Estimated proved reserves of approximately 25.6 MMBoe, 71% of which are
    proved developed producing ("PDP"), 14% are proved developed
    non-producing, and 15% are proved undeveloped
  *Proved reserves are approximately 90.5% operated, and estimated to be 62%
    oil and 38% natural gas
  *Estimated PDP production from the current 1,584 producing wells is 5,238
    Boe/d for the three months ending March 31, 2013 (Legacy's expected first
    full quarter of ownership), yielding a total proved reserves-to-production
    ratio of 13.4 years
  *100% of the reserves are located in counties where Legacy currently has
    operations or adjacent thereto, and over 99.8% of these reserves are in
    the Permian Basin
  *Significant geographic overlap leverages operational expertise and
    existing field-level infrastructure
  *Acreage associated with the acquisition is expected to support substantial
    long-term development potential including 236 currently identified
    development locations
  *2013 estimated cash flow from operations of approximately $80 million

Cary Brown, Chairman, President and CEO, commented, "We are very excited to
announce this landmark acquisition of Permian Basin assets from Concho.These
assets are in some of the most prolific fields in the Permian Basin and
contain proved reserves that are largely PDP, making them well-suited for our
MLP model.We have identified a significant number of attractive development
projects, and believe we will find additional opportunities to improve
production as we have consistently done in the past.Because the assets are
essentially in our backyard, we expect to benefit from our operational
expertise and existing field-level infrastructure."

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. Additional
information is available at www.LegacyLP.com.

The Legacy Reserves logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3201

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.

CONTACT: Legacy Reserves LP
         Dan Westcott
         Executive Vice President and Chief Financial Officer
         (432) 689-5200

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