MIDLAND, Texas, July 3, 2008 (PRIME NEWSWIRE) -- Legacy Reserves LP ("Legacy") (Nasdaq:LGCY) today announced that Steven H. Pruett, the President and Chief Financial Officer of Legacy's general partner, has adopted a prearranged trading plan in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.
Rule 10b5-1 allows plans to be established that permit executive officers of publicly traded entities to prearrange sales of securities at a time when they are not aware of any material non-public information. Such plans typically involve a plan to sell securities over a set period of time. These pre-arranged planned trades will be executed at a specified later date, as set forth in the plan, without further action or oversight by the executive officer. A plan can provide for sales of securities on a particular date or at a particular price or a combination of both of these factors, along with others. The rules allow executive officers to diversify their investment portfolios and avoid concerns about initiating transactions in securities while possibly in possession of material non-public information.
Units representing limited partner interests in Legacy sold pursuant to the plan on behalf of Mr. Pruett's family limited partnership will be publicly disclosed through Form 4 filings required by the Securities and Exchange Commission.
About Legacy Reserves LP
We are an independent oil and natural gas limited partnership headquartered in Midland, Texas, and are 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.
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