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MIDLAND, Texas, Nov. 12, 2009 (GLOBE NEWSWIRE) -- Legacy Reserves LP ("Legacy") (Nasdaq:LGCY) today announced that the Board of Directors of Legacy Reserves GP, LLC, the general partner of Legacy Reserves LP, approved a 2010 development capital budget of $25.0 million. The capital budget consists of development drilling and completion expenditures, recompletions, and restimulations of existing wells. Legacy may adjust the capital budget during the year in response to changes in oil and natural gas prices and cash flow. Legacy does not budget for acquisitions, but it currently has over $100 million of available borrowing capacity under its credit facility that may be used for the acquisition of oil and natural gas assets.
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 exploitation of oil and natural gas properties primarily located in the Permian Basin of West Texas and southeast New Mexico. Additional information is available on our website at www.LegacyLP.com.
CONTACT: Legacy Reserves LP
Steven H. Pruett, President and Chief Financial
Officer
432-689-5200
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