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Legacy Acquires Permian Basin Properties for $72 Million

Source: www.gulfoilandgas.com 5/30/2013, Location: North America

Legacy Reserves LP ("Legacy") announced it has entered into an agreement to purchase oil properties in the Permian Basin for $72 million from Resaca Exploitation, Inc. ("Resaca"). These properties have current net production of approximately 668 barrels of oil equivalent ("Boe") per day.

Legacy estimates that these properties contain 3.8 MMBoe of proved reserves of which approximately 88% are oil and 84% are classified as proved developed producing. Closing of the acquisition remains subject to a vote of Resaca's shareholders but is anticipated to occur within 75 days, and is also subject to customary purchase price adjustments and closing conditions.

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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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