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Legacy Announces Acquisitions of Rockies Properties

Source: www.gulfoilandgas.com 4/30/2012, Location: North America

Legacy Reserves LP "Legacy" announced it has entered into an agreement to purchase oil properties in North Dakota and Montana for $70.8 million in cash. These properties have current net production of approximately 776 barrels of oil equivalent "Boe" per day. Legacy estimates that these properties contain 3.2 MMBoe of proved reserves, of which 95% is oil, 2% are natural gas liquids and 3% are natural gas. In addition, 100% of these reserves are considered proved developed producing "PDP" and 95% are operated.

The North Dakota properties contain approximately 75% of the proved reserves, are primarily located in Billings County as well as Golden Valley and McKenzie Counties, and produce mainly from the Madison, Bakken and Birdbear formations. The Montana properties are located primarily in Blaine County and produce mainly from the Sawtooth and Bowes formations. The closing of this acquisition is anticipated to occur on or about May 23, 2012, and is subject to customary purchase price adjustments and closing conditions. Legacy plans to finance this acquisition with borrowings under its existing credit facility.

Cary Brown, Chairman, President and CEO of Legacy, commented, "We are excited about expanding our Rockies footprint into North Dakota and Montana, which will be managed by our team of professionals in our Cody, Wyoming office. This acquisition of long-lived oil properties in basins with multiple producing horizons is consistent with our acquisition strategy, and we expect this acquisition to be immediately and long-term accretive to our distributable cash flow per unit."


Additional Acquisitions
Legacy announced that it has closed three additional acquisitions of oil and natural gas properties totaling approximately $17.3 million from January through April 2012. These additional properties produce an estimated net 157 Boe per day. Legacy estimates that these properties contain approximately 957 MBoe of proved reserves, of which 86% are oil, 96% are PDP, 74% are in Wyoming and 26% are in the Permian Basin. Coupled with its pending North Dakota and Montana acquisition, these acquisitions will bring Legacy's year-to-date acquisitions of producing properties to a total of approximately $88 million.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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