Legacy Reserves Enters Equity Distribution Agreement for Up to $60 Million In Units

- Legacy Reserves Enters Equity Distribution Agreement for Up to $60 Million In Units



Aug 25, 2011

Legacy Reserves (NASDAQ:LGCY) entered into an Equity Distribution Agreement with Knight Capital Americas. Pursuant to the terms of the Agreement, the Partnership may sell from time to time through Knight, as the Partnership's sales agent, the Partnership's common units representing limited partner interests having an aggregate offering of up to $60 million.

Sales of the units, if any, will be made by means of ordinary brokers' transactions on the Nasdaq Global Select Market at market prices, in block transactions or as otherwise agreed by the Partnership and Knight.

Legacy Reserves (NASDAQ:LGCY) has a potential upside of 27.5% based on a current price of $26.68 and an average consensus analyst price target of $34.

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Legacy Adds Permian Assets

Legacy Adds Permian Assets

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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Exillion Discovers Oil in West Siberia

Exillion Discovers Oil in West Siberia

Tuesday, 22 March 2011 16:38 Rigzone.com

 

Moscow. Exillon announced that well EWS I - 38, located in West Siberia, successfully found oil on the eastern part of the East EWS I field, and legacy exploration well EWS I - 1 on the southern part of the EWS I field has been successfully re-completed.

 

EWS I - 38

 

EWS I - 38 well which was spudded on 2 March 2011 was drilled in 17 days on an eastern part of the East EWS I field on a turn-key contract for a total consideration of 0.8 million.

The well encountered the Jurassic P reservoir at 1,858m which is 2m higher than previously thought. Results of wire line logging combined with oil shows and sample analysis whilst drilling, have confirmed the presence of at least 9m of net oil pay within the Jurassic. Testing of the well will be completed mid-April.

The well was drilled directionally 1.1km to the north-east from the existing well pad. On completion of testing the well will be connected up to existing production facilities. The well is a result of the continued application of 3D seismic combined with a thorough understanding of reservoir geology.

EWS I - 1

Exploration well EWS I -1 is located on the southern part of the EWS I field. The well was originally drilled in 1971, and was subsequently suspended due to the absence of production infrastructure.

In March 2011, after re-interpreting the well logs, the Group saw that wire line logging indicates the presence of 7.2 m of net oil pay within the Jurassic P reservoir, which represents more than a three fold increase from the previous estimate. The Group perforated additional intervals and the well flowed water-free oil naturally to the surface with a flow rate of 530 bbl/day on a restricted 8 mm choke.

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