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



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

MIDLAND, 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
http://www.globenewswire.com/newsroom/prs/?pkgid=3201

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

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