MIDLAND, Texas, Jan. 20, 2009 (GLOBE NEWSWIRE) -- Legacy Reserves LP (Nasdaq:LGCY) today announced that the board of directors of its general partner has approved a cash distribution attributable to the fourth quarter of 2008 of $0.52 per unit, payable on February 13, 2009 to unitholders of record at the close of business on February 2, 2009. This quarterly distribution represents an annualized distribution of $2.08 per unit and is flat with the prior two quarters.
"With our commodity swaps in place and our expected financial performance under current prices, we believe that we can support the current distribution in 2009. We continue to review our distribution policy to maintain flexibility in light of the volatile commodity price and capital markets environment," said Cary Brown, Chairman and Chief Executive Officer.
About Legacy Reserves LP
Legacy Reserves LP is an independent oil and natural gas limited partnership headquartered in Midland, Texas, focused on the acquisition and development of oil and natural gas properties primarily located in the Permian Basin and Mid-continent regions of the United States. Additional information is available at www.LegacyLP.com.
The Legacy Reserves logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3201
Withholding Information
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of Legacy's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Legacy's distributions to foreign investors are subject to federal income tax withholding at the highest applicable rate.