Profile: Legacy Reserves LP (LGCY.OQ)

LGCY.OQ on NASDAQ Stock Exchange Global Select Market

27.18USD
1 Aug 2013
Price Change (% chg)

$0.05 (+0.18%)
Prev Close
$27.13
Open
$27.38
Day's High
$27.46
Day's Low
$26.91
Volume
23,540
Avg. Vol
35,768
52-wk High
$29.93
52-wk Low
$22.39

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Legacy Reserves LP (Legacy) 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, 2011, the Company had proved reserves of approximately 63.4 one thousand barrels of crude oil equivalent (MMBoe), of which 68% were oil and natural gas liquids (NGLs) and 85% were classified as proved developed producing, 2% were proved developed non-producing, and 13% were proved undeveloped. During the year ended December 31, 2011, the Company completed 28 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, 2011, the Company owned interests in producing oil and natural gas properties in 498 fields in the Permian Basin, Texas Panhandle, Wyoming, Oklahoma and several other states, operated 2,473 gross productive wells and owned non-operated interests in 3,483 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 200 active wells (198 producing, 2 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 122 non-operated wells (120 producing, 2 injecting). As of December 31, 2011, the Company’s properties in the Spraberry/War San field contained 11.1 MMBoe (67% liquids) of net proved reserves. During 2011, the average net daily production from this field was 2,183 barrels of oil equivalent per day (Boe/d). 30 wells were drilled on Legacy Reserves’ properties in the Spraberry/War San field in 2011.

Texas Panhandle Fields

The Texas Panhandle fields are located in Carson, Gray, Hartley, Hutchinson, Moore, Potter, Sherman and Wheeler Counties, Texas. Legacy operated 584 wells (542 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 415 non-operated wells (403 producing, 12 injecting). As of December 31, 2011, the Company’s properties in the Texas Panhandle fields contained 6.4 MMBoe (70% liquids) of net proved reserves. The average net daily production from these fields was 1,250 Boe/d during 2011.

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, 2011, the Company’s properties in the East Binger field contained 3.3 MMBoe (84% liquids) of net proved reserves. The average net daily production from this field was 791 Boe/d during 2011.

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 (54 producing, 16 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, 2011, its properties in the Jordan field contained 2.4 MMBoe (88% liquids) of net proved reserves. The average net daily production from the field was 573 Boe/d during 2011.

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 five 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, 2011, 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 237 Boe/d during 2011.

Denton Field

The Denton field is located in Lea County, New Mexico. The Company operates 21 wells in the Denton field with working interests ranging from 86% to 100% and net revenue interests ranging from 75.1% to 87.5%. It also owns another nine wells (seven producing, two injecting) with a 15% average non-operated working interest and a 13.1% average net revenue interest. As of December 31, 2011, its properties in the Denton field contained 2.2 MMBoe (82% liquids) of net proved reserves. The average net daily production from this field was 474 Boe/d during 2011.

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 66 wells (41 producing, 25 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, 2011, 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 405 Boe/d during 2011.

Farmer Field

The Farmer field is located in Crockett and Reagan Counties, Texas. The Company operates 154 wells (146 producing, eight injecting) in the Farmer field with a 100% average working interest and a net revenue interest ranging from 80.8% to 87.5%. As of December 31, 2011, its properties in the Farmer field contained 1.8 MMBoe (66% liquids) of net proved reserves. The average net daily production from this field was 212 Boe/d during 2011.

Company Address

Legacy Reserves LP

Suite 1400, 303 W. Wall St.
MIDLAND   TX   79701
P: +1432.6895200
F: +1432.6895299

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