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United States

Profile: Legacy Reserves LP (LGCY.O)

LGCY.O on Nasdaq

2.02USD
26 May 2017
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Legacy Reserves LP (Legacy), incorporated on October 26, 2005, is a master limited partnership company. The Company focuses on the acquisition and development of oil and natural gas properties located in the Permian Basin, East Texas, Rocky Mountain and Mid-Continent regions of the United States. As of December 31, 2016, the Company had proved reserves of approximately 144.8 million barrels of crude oil equivalent (MMBoe), of which 72% were natural gas, 28% were oil and natural gas liquids (NGLs) and 94% were classified as proved developed producing. As of December 31, 2016, the Company owned interests in producing oil and natural gas properties in 627 fields in the Permian Basin, East Texas, Piceance Basin of Colorado, Texas Panhandle, Wyoming, North Dakota, Montana, Oklahoma and various other states, from 10,775 gross productive wells, of which 3,799 were operated and 6,976 were non-operated. The Company's fields and regions include East Texas, Piceance Basin, Spraberry/War San, Lea, Texas Panhandle and Deep Rock.

The Company's producing wells in the Permian Basin are characterized as mature oil wells that also produce high-British thermal unit (Btu) casing head gas with NGL content. The properties in East Texas consist of mature, low-decline natural gas wells. The East Texas properties are supported by a 567-mile natural gas gathering system. The Company's North Dakota properties produce primarily from the Madison and Bakken formations, while the Montana properties produce from the Sawtooth and Bowes formations. The Colorado properties produce primarily from the Williams Fork formation. The Company's properties in the Mid-Continent region are in the Texas Panhandle and Oklahoma. Its Texas Panhandle wells produce from shallow Granite Wash, Brown Dolomite and Red Cave formations. Its operated properties in the Texas Panhandle are mature oil wells that also produce high-Btu casing head gas with NGL content, while its non-operated properties are mature, low pressure natural gas wells with high NGL content. It holds interest in the East Binger field in Oklahoma.

The Company's wells in the East Texas basin are primarily located in Freestone, Leon and Robertson Counties, Texas. The wells in its East Texas fields are produced from multiple fields and formations, which primarily include the Bossier and Cotton Valley formations. As of December 31, 2016, the Company operated 929 active wells (923 producing and six injecting) in East Texas. As of December 31, 2016, the Company also owned another 572 non-operated wells (552 producing and 20 injecting) in East Texas. As of December 31, 2016, its properties in East Texas contained 56.4 MMBoe of net proved reserves. The Company's wells in the Piceance Basin are located in Garfield County, Colorado in the Grand Valley, Parachute and Rulison fields. The wells in these fields produce from the Williams Fork formation. As of December 31, 2016, the Company had non-operated interests in 2,677 active wells in Piceance Basin. As of December 31, 2016, its properties in the Piceance Basin contained 36.1 MMBoe of net proved reserves.

The Company's Spraberry/War San field is located in Andrews, Howard, Midland, Martin, Reagan and Upton Counties, Texas. This Spraberry/War San field summary includes wells in the War San field, which produce from the same formations and in the same area as its Spraberry field wells. This field produces from Spraberry and Wolfcamp age formations from 5,000 to 11,000 feet. As of December 31, 2016, the Company operated 202 active wells (196 producing and six injecting) in this field. As of December 31, 2016, the Company also owned another 165 non-operated wells (161 producing and four injecting). As of December 31, 2016, its properties in the Spraberry/War San field contained 9.0 MMBoe of net proved reserves. During the fiscal year ended December 31, 2016 (fiscal 2016), seven wells were drilled on its properties in the Spraberry/War San field.

The Company's Lea field is located in Lea County, New Mexico. Its Lea field properties consist of interests in the Lea Unit and Lea Federal Unit. The majority of the production from these properties is from the Bone Spring formation at depths of 9,500 feet to 11,500 feet. These properties also produce from the Morrow, Devonian, Delaware and Pennsylvania formations at depths ranging from 6,500 feet to 14,500 feet. As of December 31, 2016, the Company operates 30 wells (29 producing and one injecting) in the Lea Field. As of December 31, 2016, its properties in the Lea Field contained 3.9 MMBoe of net proved reserves.

The Company's Texas Panhandle fields are located in Carson, Gray, Hartley, Hutchinson, Moore, Potter, Sherman and Wheeler Counties, Texas. As of December 31, 2016, the Company operated 422 wells (389 producing and 33 injecting) in the Texas Panhandle fields. As of December 31, 2016, its properties in the Texas Panhandle fields contained 3.1 MMBoe of net proved reserves.

The Company's Deep Rock field is located in Andrews County, Texas. The Company's production in the field is from the Glorieta formation at depths of 5,630 to 6,000 feet. The field also produces from the Pennsylvanian, Devonian and Ellenburger formations at depths from 4,000 to 12,200 feet. As of December 31, 2016, the Company operates 32 wells (28 producing and four injecting) in the field. As of December 31, 2016, the Company also owned 21 non-operated wells (15 producing and six injecting). As of December 31, 2016, its properties in the Deep Rock field contained 1.3 MMBoe of net proved reserves. It also has various additional unproved drilling locations and multiple unproved developed non-producing projects in the field.

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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