Legacy Reserves has closed the previously announced acquisition of Permian Basin properties for $18.0 million in cash and 278,396 Legacy units. The properties, located in Lea, Eddy and Chaves Counties, New Mexico, have net daily production of approximately 1.26 MMcf of natural gas and 110 barrels of oil. Legacy estimates that the properties contain proved reserves of approximately 1.64 MMboe, of which 88% are estimated to be proved developed producing.
We also closed the acquisition of additional interests for $3.9 million in the same properties from working interest partners representing net daily production of approximately 15 barrels of oil and 249 Mcf of natural gas. Proved reserves are estimated to be approximately 238 Mboe, of which 100% are estimated to be proved developed producing.
Both acquisitions have an effective date of August 1, 2011 and are subject to customary post closing adjustments.
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