Legacy Reserves has entered into an agreement with Brigham Exploration to purchase oil and gas properties located in the Permian Basin for $14.0 million, subject to customary closing adjustments. The subject properties produce approximately 233 Boe per day, of which 90% is oil. The closing is expected to be on or about April 30, 2010.
Over 75% of the properties by value are operated, and the production is in close proximity to existing Legacy assets. The wells are located primarily in Dawson, Howard, Midland and Stonewall counties in the Permian Basin. Cary Brown, Legacy's Chairman and Chief Executive Officer, commented, "This acquisition fits in our existing Permian Basin footprint and allows us to continue to grow our production and reserve base. Including this acquisition, we will have acquired oil and gas properties totaling approximately $146 million year to date."
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