Legacy Reserves (LGCY) Prices 4.25M Unit Offering at $20.42/Unit

Legacy Reserves LP (NASDAQ: LGCY) today announced that it has priced an underwritten public offering of 4,250,000 units at $20.42 per unit. The underwriters have been granted a 30-day option to purchase up to 637,500 additional units. Legacy Reserves LP intends to use the net proceeds of this offering, including the net proceeds from any exercise of the underwriters' option to purchase additional units, to fund a portion of the purchase price of an acquisition of working interests in properties in the Big Horn and Wind River Basins of Wyoming. The offering is not conditioned upon the closing of such acquisition, which is expected to occur on February 17, 2010. Pending the use of the proceeds for such purpose, Legacy Reserves LP intends to use the net proceeds for general partnership purposes, including to reduce outstanding borrowings under its revolving credit facility. The offering is scheduled to close January 15, 2010.

Wells Fargo Securities, BofA Merrill Lynch and UBS Investment Bank are acting as joint book-running managers of the offering. Raymond James and RBC Capital Markets are acting as senior co-managers and Oppenheimer & Co., Stifel Nicolaus and Wunderlich Securities are acting as co-managers of the offering.