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EXHIBIT 99.1
Legacy Reserves LP
to Acquire Oil and Natural Gas Producing Properties for $20.8
Million
MIDLAND, Texas, April 10, 2007
(PRIME NEWSWIRE) -- Legacy Reserves LP (Nasdaq:LGCY) today
announced that it has signed definitive purchase agreements to
acquire certain oil and natural gas producing properties from two
private companies for an aggregate purchase price of $20.8 million,
subject to purchase price adjustments, to be paid in cash. The
properties are located in Midland, Upton and Reagan counties of
West Texas and Lea and Eddy counties of southeast New Mexico. The
acquisitions are subject to customary closing conditions and are
expected to close by the end of April.
Cary Brown, Chairman and Chief
Executive Officer of the general partner of Legacy Reserves LP,
said, "The subject properties are near our existing Permian Basin
properties and offer identified exploitation
opportunities."
Operational
highlights:
-
Estimated proved reserves of 1.44
MMBoe
-
Approximately 77% proved developed
producing reserves
-
Proved reserves to production ratio
of approximately 14 years
-
Current net production of
approximately 284 Boe per day
-
34 operated and 24 non-operated
producing wells
Financial highlights:
We expect the acquisition to be
immediately accretive to distributable cash flow per unit.
Management will evaluate the impact of the acquisition on current
distribution levels as it integrates the assets. All changes in
distributions are subject to approval by the Board of Directors of
the general p
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