MIDLAND, Texas, April 22, 2014 (GLOBE NEWSWIRE) -- Legacy Reserves LP ("Legacy") (Nasdaq:LGCY) today announced that the Board of Directors of its general partner has approved a cash distribution attributable to the first quarter of 2014 of $0.595 per unit, payable on May 15, 2014, to unitholders of record at the close of business on May 2, 2014. This quarterly distribution is a $0.005 increase from the prior quarter and represents an annualized distribution of $2.38 per unit. This marks the 14th consecutive increase in Legacy's quarterly distribution.
The Board of Directors of Legacy's general partner also declared a cash distribution for its 8.0% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units of $0.155 per unit payable on May 15, 2014 to unitholders of record on May 1, 2014. This inaugural distribution covers the period April 17, 2014 through May 14, 2014.
Legacy will provide the details of its first quarter operating and financial performance with its earnings report which is scheduled to be released on Tuesday, May 6, 2014, following the close of NASDAQ trading.
Earnings Conference Call
A teleconference and webcast will be held on Wednesday, May 7, 2014, beginning at 8:00 a.m. Central Time. Those wishing to participate in the conference call should dial 877-266-0479. A replay of the call will be available through Wednesday, May 14, 2014, by dialing 855-859-2056 or 404-537-3406 and entering replay code 34572156. Those wishing to listen to the live or archived webcast via the Internet should go to the Investor Relations tab of our website at www.LegacyLP.com.
About Legacy Reserves LP
Legacy Reserves LP is a master limited partnership headquartered in Midland, Texas, focused 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 United States. Additional information is available at www.LegacyLP.com.
Cautionary Statement Relevant to Forward-Looking Information
This press release contains forward-looking statements relating to our operations that are based on management's current expectations, estimates and projections about its operations. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "schedules," "estimated," and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are realized oil and natural gas prices; production volumes, lease operating expenses, general and administrative costs and finding and development costs; future operating results and the factors set forth under the heading "Risk Factors" in our annual and quarterly reports filed with the Securities and Exchange Commission. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Legacy undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of Legacy's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Legacy's distributions to foreign investors are subject to federal income tax withholding at the highest applicable rate.
CONTACT: Legacy Reserves LP Dan Westcott Executive Vice President and Chief Financial Officer 432-689-5200
Source:Legacy Reserves LP