Thursday, May 05, 2011
Legacy Reserves LP
Legacy Reserves LP has closed the previously announced acquisition of Permian Basin natural gas properties for $66.1 million in cash, excluding revenue suspense and subject to customary post-closing adjustments.
The properties include 126 wells, 100 of which are operated, that are located in Eddy and Chaves Counties, New Mexico. In addition, the acquisition encompasses a natural gas gathering system and related compression facilities gathering gas from the acquired wells and some third party wells. Legacy estimates net daily sales of 7.6 MMcf of natural gas, 397 Bbls of NGLs, and 4 Bbls of oil, as well as proved reserves of 40.7 Bcfe.
All of the evaluated reserves from this pending acquisition are considered proved developed producing ("PDP"). There are also multiple locations included in this acquisition that will be evaluated for future drilling.
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.
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