The subject properties produce approximately 233boe 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, the company said.
Cary Brown, chairman and CEO of Legacy Reserves, said: “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 $146m year to date.”
Headquartered in Midland, Texas, Legacy Reserves focuses on the acquisition and development of oil and natural gas properties primarily located in the Permian basin, Mid-continent and Rocky Mountain regions of the US.
