Legacy has secured commitments from two banks to increase the aggregate commitments under its credit facility to $410 million from the previous $383.76 million. The two banks are new participants in Legacy's bank group. The increase is subject to the execution of assignments of maximum credit amounts from the current nine members of Legacy's bank group to the two new banks.
Additionally, the Board of Directors of Legacy Reserves GP, LLC, the general partner of Legacy Reserves LP, approved a 2009 development capital budget of $25.0 million. The capital budget consists of development drilling and completion expenditures, recompletions, restimulations and reactivation of idle wells. Legacy will adjust the capital budget during the year as dictated by oil and natural gas prices and cash flow. Legacy does not budget for acquisitions, but it has over $100 million of available credit that can be used for the acquisition of oil and natural gas assets.
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