Legacy Inks Deal for Permian Basin Acreage
Legacy Reserves has signed a definitive purchase agreement to acquire certain oil and natural gas producing properties from private parties for a purchase price of $20.3 million, subject to purchase price adjustments, to be paid in cash. The properties are located primarily in the Permian Basin. The acquisition is subject to customary closing conditions and is expected to close during August 2007.
-Estimated proved reserves of approximately 1.22 MMBoe
-92% proved developed producing reserves
-Proved reserves to production ratio of approximately 11 years
-Current net production of approximately 302 Boe per day
-101 properties, all of which are non-operated
We expect the acquisition to be immediately accretive to distributable cash flow per unit. Management will evaluate the impact of the acquisition on current distribution levels as it integrates the assets. All changes in distributions are subject to approval by the Board of Directors of the general partner of Legacy Reserves LP.
- Legacy Reserves Finalizes Acquisition in Permian Basin (Nov 15)
- Legacy Reserves Increases Borrowing Base to $410MM (Apr 01)
- Brigham to Divest West Texas Assets (Mar 29)