Legacy Reserves, an oil and gas property developer, has completed the acquisition of nine operated producing wells in the Permian basin from an undisclosed oil company for $5.2 million, bringing its total closed acquisitions for November 2007 to $15.3 million.
The four acquisitions that the company closed in November 2007 aggregate to 232 barrels of oil equivalent per day (boe/d) of net production, with internally estimated proved reserves of approximately 1.07 million boe, of which 94.5% is classified as proved developed producing, according to the company release.
The company has closed 14 acquisitions so far this year for an aggregate purchase price of approximately $193.5 million.
Relative to the acquisitions, the company has entered into New York Mercantile Exchange West Texas Intermediate oil and natural gas swaps. West Texas Intermediate, a type of crude oil, is the underlying commodity of the exchange’s oil futures contracts.