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United States

Profile: Legacy Reserves LP (LGCY.O)

LGCY.O on Nasdaq

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9 Dec 2016
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Legacy Reserves LP (Legacy), incorporated on October 26, 2005, is a master limited partnership company. The Company is focused on the acquisition and development of oil and natural gas properties located in the Permian Basin, Rocky Mountain and Mid-Continent regions of the United States. The Company has proved reserves of approximately 164.2 million barrels of crude oil equivalent (MMBoe), of which over 73% are natural gas, approximately 27% are oil and natural gas liquids (NGLs) and over 97% are classified as proved developed producing. The Company has completed approximately 140 acquisitions of oil and natural gas properties. It owns interests in producing oil and natural gas properties in over 720 fields in the Permian Basin, East Texas, Piceance Basin of Colorado, Texas Panhandle, Wyoming, North Dakota, Montana, Oklahoma and several other states, from approximately 12,200 gross productive wells of which over 4,540 are operated and approximately 7,660 are non-operated. Its fields and regions include East Texas, Spraberry/War San, Piceance Basin, Lea, Texas Panhandle, Deep Rock, Shafter Lake, Jalmat, Winchester and Denton.

Legacy's wells in the East Texas basin are located in Freestone, Leon and Robertson Counties, Texas. The wells in its East Texas fields are produced from various fields and formations, which include the Bossier and Cotton Valley formations at depths of 12,000 to 14,000 feet. Legacy operates approximately 1,020 active wells (over 1,010 producing and approximately six injecting) in East Texas with working interests ranging from 13.1% to 100 %. It also owns approximately 400 non-operated wells (over 380 producing and approximately 10 injecting). Its properties in East Texas contain approximately 71.6 MMBoe of net proved reserves. The average net daily production from this field is approximately 14,180 barrels of oil equivalent per day (Boe/d).

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. It operates approximately 250 active wells (over 240 producing and six injecting) in this field with working interests ranging from 4.7% to 100%. It also owns approximately 180 non-operated wells (over 180 producing and approximately two injecting). Its properties in the Spraberry/War San field contain approximately 6.2 MMBoe of net proved reserves. The average net daily production from this field is over 1,940 Boe/d. It has identified over seven proved undeveloped projects, approximately 40-acre infill drilling locations and over seven behind-pipe or proved developed non-producing recompletion projects in this field. It has also identified various unproved drilling locations in this field.

Legacy's wells in the Piceance Basin are located in Garfield County, Colorado in the Grand Valley, Parachute and Rulison fields. Most of the wells in these fields produce from the Williams Fork formation at depths of approximately 7,000 to 9,000 feet and some wells produce from the Wasatch formation at depths of 1,600 to 4,000 feet. Legacy's ownership in this basin consists of non-operated interests in approximately 2,680 active wells. Its properties in the Piceance Basin contain over 34.6 MMBoe of net proved reserves. The average net daily production from this field is 12,220 Boe/d.

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. It operates approximately 30 wells (over 30 producing and an injecting) in the Lea Field with working interests ranging from 1.6% to 100%. Its properties in the Lea Field contain approximately 2.5 MMBoe of net proved reserves. The average net daily production from this field is approximately 500 Boe/d. It has identified approximately four additional proved and various unproved undeveloped horizontal Bone Spring drilling locations in the field.

The Company's Texas Panhandle fields are located in Carson, Gray, Hartley, Hutchinson, Moore, Potter, Sherman and Wheeler Counties, Texas. The fields are produced from various formations of Permian age, which include the shallow Granite Wash, Brown Dolomite, and Red Cave formations from 2,500 to 4,000 feet. It operates approximately 520 wells (over 480 producing and approximately 40 injecting) in the Texas Panhandle fields with working interests ranging from 33.3% to 100%. It also owns approximately 420 non-operated wells (over 410 producing and nine injecting). Its properties in the Texas Panhandle fields contain approximately 3.6 MMBoe of net proved reserves. The average net daily production from these fields is approximately 860 Boe/d.

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. It operates approximately 30 wells (over 30 producing and over an injecting) in the field with working interests ranging from 50% to 100%. It also owns approximately 20 non-operated wells (over 20 producing and approximately six injecting). Its properties in the Deep Rock field contain approximately 1.4 MMBoe of net proved reserves. The average net daily production from this field is approximately 320 Boe/d. It has identified approximately two proved developed non-producing project in the field. It also has additional unproved drilling locations and various unproved developed non-producing projects in the field.

The Company's Shafter Lake field is located in Andrews County, Texas. The Company's production in the field is from the Clearfork formation at depths of 6,500 to 7,000 feet. The field also produces from the Yates, San Andres, Devonian and Ellenburger formations at depths from 4,000 to 12,000 feet. It operates approximately 140 wells (over 100 producing and over 40 injecting) in the field with working interests ranging from 7.6% to 100%. It also owns approximately 140 non-operated wells (over 130 producing and approximately six injecting). Its properties in the Shafter Lake field contain over 1.1 MMBoe of net proved reserves. The average net daily production from this field is over 280 Boe/d. It has identified approximately five proved developed non-producing projects in the field. It also has various additional unproved drilling locations and a range of unproved developed non-producing projects in the field.

The Company's Jalmat field is located in Lea County, New Mexico. Its Jalmat field properties consist of interests in the Cooper Jal Unit, Jalmat Yates Unit and South Langlie Jal Unit. All of the production in the field is from the Yates, Seven Rivers and Queen formations, which are under waterflood at depths of 2,900 to 3,800 feet. It operates approximately 120 wells (over 70 producing and approximately 50 injecting) in the field with working interests ranging from 72.6% to 81.8%. It also owns approximately 10 non-operated wells (over 10 producing and approximately three injecting) in the field. Its properties in the Jalmat field contain approximately 1.9 MMBoe of net proved reserves. The average net daily production from this field is over 250 Boe/d.

The Company's Winchester field is located in Lea County, New Mexico. Its Winchester field properties consist of interests in the non-operated Ruger 31 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. It operates a producing well with working interest. It also owns approximately six non-operated producing wells. Its properties in the Winchester Field contain approximately 1.2 MMBoe of net proved reserves. The average net daily production from this field is over 580 Boe/d. It has identified a proved undeveloped project in the field.

The Company's Denton field is located in Lea County, New Mexico. The Devonian Formation at depths of 11,000 to 12,700 feet is the primary reservoir in the Denton field. Additional production has been developed in the Wolfcamp Formation at depths of 8,900 to 9,600 feet. It operates approximately 20 producing wells in the Denton field with working interests ranging from 25% to 100%. It also owns approximately 20 non-operated wells (over 10 producing and approximately four injecting) in the field. Its properties in the Denton field contain approximately 1.4 MMBoe of net proved preserves. The average net daily production from this field is over 330 Boe/d.

Permian Basin

The Company's Permian Basin is an oil and natural gas producing basin in the United States. It extends to over 100,000 square miles in West Texas and southeast New Mexico. 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.

East Texas

The Company's East Texas includes Anderson, Freestone, Houston, Leon, Limestone and Robertson counties. The properties in East Texas consist of mature, low-decline natural gas wells. The East Texas properties are supported by approximately 570 mile natural gas gathering system and plant.

Rocky Mountain

The Company's properties in Wyoming are mature oil wells with a natural water drive that produce from the Dinwoody-Phosphoria, Tensleep and Minnelusa formations. The 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.

Mid-Continent

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 casinghead gas with NGL content, while its non-operated properties are mature, low pressure natural gas wells with high NGL content. Its Texas Panhandle fields contain proved reserves of approximately 3.6 MMBoe. Its field in Oklahoma is the East Binger field in Caddo County, Oklahoma. The East Binger Unit is an active miscible nitrogen injection (tertiary recovery) project that produces from the Marchand Sand. This field contains approximately 2.1 MMBoe of proved reserves that are approximately 72% liquids and consists of over 34% of its proved reserves in the region. Its remaining properties in the Mid-Continent region are located in various counties in Oklahoma, Texas and Arkansas.

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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