Legacy Reserves Buys Oil Properties From Resaca For $72 Mln, Shares Dip 1%

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Shares of Legacy Reserves LP ( LGCY ) are down 0.6% at the opening bell, after it said it agreed to purchase oil properties in the Permian Basin from Resaca Exploitation, Inc. for $72 million.

The properties have current net production of approximately 668 barrels of oil equivalent per day. Legacy estimates that these properties contain 3.8 million boe of proved reserves of which approximately 88% are oil and 84% are classified as proved developed producing.

Closing of the acquisition remains subject to a vote of Resaca's shareholders but is anticipated to occur within 75 days, and is also subject to customary purchase price adjustments and closing conditions.

LGCY trades within a 52-week range of $22.33 - $29.93.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: LGCY

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