Legacy Reserves Announces Purchase of Permian Basin Properties from Resaca for $72M

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.