Legacy Reserves LP Closes Permian Basin Acquisition and Announces Increased Borrowing Base of $800 Million

Legacy Reserves LP Closes Permian Basin Acquisition and Announces Increased
Borrowing Base of $800 Million

MIDLAND, Texas, Dec. 20, 2012 (GLOBE NEWSWIRE) -- Legacy Reserves LP
("Legacy") (Nasdaq:LGCY) announced the closing of its acquisition of Permian
Basin oil and natural gas properties from Concho Resources Inc. As previously
announced, the properties are estimated to produce 5,238 barrels of oil
equivalent ("Boe") per day in Q1 2013 from 1,584 existing wells. Proved
reserves are estimated to be 25.6 MMBoe, 71% of which are considered proved
developed producing and 14% of which are considered proved developed
non-producing. Approximately 90.5% of the properties are operated, and 100% of
the reserves are located in counties where Legacy currently has operations or
adjacent thereto. Legacy financed the acquisition with the aggregate net
proceeds from its recent 9,170,000 unit offering (inclusive of a partial
exercise of the underwriters' option to issue additional units) and its recent
$300 million 8% senior unsecured notes offering. Pursuant to the terms of the
senior notes offering, the proceeds of such offering had been placed in escrow
pending the closing of the acquisition of the Permian Basin oil and natural
gas properties.

In connection with closing the acquisition, Legacy announced that it has
secured commitments from its newly-increased bank group to expand its
borrowing base to $800 million from the previous $600 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 Securities LLC and U.S. Bank National
Association. The number of participating banks now includes twenty
institutions.

Cary Brown, President and Chief Executive Officer commented, "We are glad to
close this landmark acquisition and build upon our Permian footprint and
expertise. These properties add significant scale to our operations and should
provide decades of cashflow for our unitholders."

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 our 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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