MIDLAND, Texas, Oct. 3, 2012 (GLOBE NEWSWIRE) -- Legacy Reserves LP (Nasdaq:LGCY) announced today that it has secured commitments from its bank group to expand its borrowing base to $600 million from the previous $565 million under its $1 billion secured revolving Credit Agreement with its Administrative Agent, Wells Fargo Bank, National Association, its Syndication Agent, Compass Bank, and its co-Documentation Agents, UBS AG and U.S. Bank National Association. After closing an acquisition of Permian Basin properties for approximately $11.8 million on October 1, 2012, Legacy had $462 million of debt outstanding under its Credit Agreement, leaving approximately $138 million available. The borrowing base is next scheduled to be redetermined on or about April 1, 2013.
About Legacy Reserves LP
Legacy Reserves LP is an independent oil and natural gas 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.
The Legacy Reserves logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3201
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 SEC. 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.
CONTACT: Legacy Reserves LP Dan Westcott Executive Vice President and Chief Financial Officer (432) 689-5200
Source:Legacy Reserves LP