Legacy Reserves Enters into Commodity Swaps for Wyoming Assets

Legacy Reserves has entered into an agreement to purchase working interests in 13 operated oil fields in the Big Horn and Wind River Basins of Wyoming for $130 million in cash.

Related to the announced acquisition, Legacy entered into commodity swap transactions tabulated below, swapping fixed prices for floating prices with members of our bank group. For natural gas, we hedged primarily on the Colorado Interstate Gas ("CIG") pipeline index which represents the index on which the majority of the residue gas from the Wyoming properties is sold after processing.

Year Oil Volumes (Bbls) WTI Oil Price ($/Bbl) Natural Gas Volumes (MMBtu) Natural Gas CIG ($/MMBtu)
2010 415,005 $77.10 182,500 $5.365
2011 379,600 $82.28 146,000 $5.74
2012 353,685 $84.00 136,875 $5.72
2013 331,420 $86.00 127,750 $5.78
2014 311,710 $87.50 142,100 $5.95
Total 1,791,420   717,225  

Legacy also entered the following swaps for ANR-OK and Waha (West Texas) natural gas over the last month for its existing assets and recent acquisitions:

 Year Natural Gas Volumes (MMBtu)  Natural Gas (ANR-OK ($/MMBtu) Natural Gas Volumes (MMBtu) Natural Gas Waha ($/MMBtu)
 2012  276,000 $6.28    
 2013  544,800  $6.34    
 2014  184,800  $6.47 300,000  $6.47
 Total  1,005,600    300,000  



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Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
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