Legacy acquires

Legacy Reserves LP has entered into an agreement to purchase 100% of the membership interests of Pantwist from Cano Petroleum, Inc. for USD 42.7 million cash, subject to customary closing adjustments. Legacy is to acquire an estimated 453 Boe of daily production (72% oil and natural gas liquids), 3.1 MMBoe of proved reserves, 100% of which is proved developed producing. The closing is expected to be on 01 October 2008. Legacy has also closed the acquisition on 29 August 2008 of assets from Gryphon Production Company for approximately USD 13.0 million. Legacy acquired an estimated 115 Boe per day, of which 92% is oil and natural gas liquids. Proved reserves acquired are estimated to be 1.6 MMBoe, of which 61% are classified as proved developed producing. The balance of the proved reserves is associated with Legacy’s plans to reactivate up to 300 available wellbores. Over 98% of the assets being purchased in these two transactions are operated and are located in Carson, Gray, Hutchinson and Moore counties in the Texas, US, Panhandle near Legacy’s existing assets.
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