MIDLAND, Texas, Nov. 23, 2011 (GLOBE NEWSWIRE) -- Legacy Reserves LP ("Legacy") (Nasdaq:LGCY) today announced that the Board of Directors of Legacy Reserves GP, LLC, the general partner of Legacy Reserves LP, approved a 2012 development capital budget of $62 million, excluding acquisitions. The 2012 capital budget primarily consists of development drilling and completion expenditures that are largely focused on Legacy's operated and non-operated Wolfberry locations. In addition, this budget includes expenditures for other infill drilling projects, recompletions and restimulations of existing wells. This capital budget may be adjusted during the year in response to changes in oil and natural gas prices, cash flow, results of operations and acquisitions.
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, Mid-Continent and Rocky Mountain regions of the United States. Additional information is available at www.LegacyLP.com.
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This press release includes forward-looking statements regarding future events. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of Legacy Reserves LP, and a variety of risks that could cause results to differ materially from those expected by the management of Legacy Reserves LP. Legacy Reserves LP undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.