Profile: Legacy Reserves LP (LGCY.O)

LGCY.O on Nasdaq

10.92USD
22 May 2015
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$-0.13 (-1.18%)
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Legacy Reserves LP (Legacy), incorporated on October, 26, 2005, is an independent oil and natural gas limited partnership. The Company focuses 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. As of December 31, 2012, the Company had proved reserves of approximately 83.2 one thousand barrels of crude oil equivalent (MMBoe), of which 68% were oil and natural gas liquids (NGLs) and 88% were classified as proved developed producing, 2% were proved developed non-producing, and 10% were proved undeveloped. During the year ended December 31, 2012, the Company completed 113 acquisitions of oil and natural gas properties. In December 2012, Concho Resources Inc closed its divestiture of certain non-core producing properties located in the Permian Basin of West Texas and Southeast New Mexico to Legacy.

As of December 31, 2012, the Company owned interests in producing oil and natural gas properties in 681 fields in the Permian Basin, Texas Panhandle, Wyoming, Oklahoma and several other states, operated 3,498 gross productive wells and owned non-operated interests in 4,109 gross productive wells. The Company’s fields include Spraberry/War San, Texas Panhandle, East Binger, Jordan, Langlie Mattix, Denton, Fourbear/Fourbear Frank’s Fork and Farmer.

Spraberry/War San Field

The Spraberry/War San field is located in Andrews, Howard, Midland, Martin, Reagan and Upton Counties, Texas. The Company operates 232 active wells (228 producing, 4 injecting) in this field with working interests ranging from 5.5% to 100% and net revenue interests ranging from 4.2% to 90.8%. It also owns another 128 non-operated wells (126 producing, 2 injecting). As of December 31, 2012, the Company’s properties in the Spraberry/War San field contained 9.9 MMBoe (67% liquids) of net proved reserves. During 2012, the average net daily production from this field was 2,182 barrels of oil equivalent per day (Boe/d). 19 wells were drilled on Legacy Reserves’ properties in the Spraberry/War San field in 2012.

Texas Panhandle Fields

The Texas Panhandle fields are located in Carson, Gray, Hartley, Hutchinson, Moore, Potter, Sherman and Wheeler Counties, Texas. Legacy operated 624 wells (582 producing, 42 injecting) in the Texas Panhandle fields with working interests ranging from 33.3% to 100% and net revenue interests ranging from 25% to 100%. It also owns another 414 non-operated wells (402 producing, 12 injecting). As of December 31, 2012, the Company’s properties in the Texas Panhandle fields contained 6 MMBoe (71% liquids) of net proved reserves. The average net daily production from these fields was 1,192 Boe/d during 2012.

East Binger Field

The East Binger field is located in Caddo County, Oklahoma. The Marchand Sand, at depths of 9,700 to 10,100 feet, is the primary reservoir in the East Binger field. As of December 31, 2012, the Company’s properties in the East Binger field contained 3.2 MMBoe (82% liquids) of net proved reserves. The average net daily production from this field was 737 Boe/d during 2012.

Jordan Field

The Jordan field is located in Ector and Crane Counties, Texas. The field produces under waterflood from the San Andres Formation at depths of 3,100 to 3,800 feet. The Company operates 70 wells (53 producing, 17 injecting) in the West Jordan Unit with a 53.1% working interest and a 39.8% net revenue interest. It also owns a 35.9% non-operated working interest and a 29.7% net revenue interest in the Jordan University Unit which contains 180 wells (145 producing, 35 injecting). As of December 31, 2012, its properties in the Jordan field contained 2.2 MMBoe (91% liquids) of net proved reserves. The average net daily production from the field was 492 Boe/d during 2012.

Langlie Mattix Field

The Langlie Mattix field is located in Lea County, New Mexico. The Company operates 98 wells (72 producing, 26 injecting) in the Langlie Mattix Penrose Sand Unit, a subdivision of the Langlie Mattix Field, with a 59% average working interest and a 50.7% average net revenue interest. It also operates 45 producing wells in the Skelly Penrose A Unit with a 100% working interest and a 86.8% net revenue interest, as well as eight other properties with eight active producing wells with an average net working interest of 95.9% and 80.8% net revenue interests. As of December 31, 2012, its properties in the Langlie Mattix field contained 1.5 MMBoe (88% liquids) of net proved reserves. The average net daily production from this field was 235 Boe/d during 2012.

Fourbear/Fourbear Frank’s Fork Fields

The Fourbear and Fourbear Frank’s Fork fields are located in Park County in the Big Horn Basin of Wyoming. Legacy operates 50 wells (32 producing, 18 injecting) in these fields with working interests ranging from 83.1% to 100% and net revenue interests ranging from 72.2% to 89.1%. As of December 31, 2012, its properties in the Fourbear and Fourbear Frank’s Fork fields contained 2.2 MMBoe (100% liquids) of net proved reserves. The average net daily production from these fields was 487 Boe/d during 2012.

Company Address

Legacy Reserves LP

303 W Wall St Ste 1800
MIDLAND   TX   79701-5106
P: +1432.6895200
F: +1432.6895299

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