Legacy Reserves LP ("Legacy")
LGCY today 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.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in