MIDLAND, Texas, June 20, 2014 (GLOBE NEWSWIRE) -- Legacy Reserves LP ("Legacy") (Nasdaq:LGCY) today announced that its general partner has declared a monthly cash distribution for its 8% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (Nasdaq:LGCYP) of $0.166667 per unit payable on July 15, 2014 to unitholders of record on July 1, 2014.
Legacy's general partner also declared a cash distribution for its 8% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, which we expect to be listed on NASDAQ as LGCYO, of $0.155 per unit payable on July 15, 2014 to unitholders of record on July 1, 2014. This inaugural distribution covers the period from June 17, 2014 through July 14, 2014.
About Legacy Reserves LP
Legacy Reserves LP is a master 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.
Cautionary Statement Relevant to Forward-Looking Information
This press release contains forward-looking statements relating to our operations that are based on management's current expectations, estimates and projections about its operations. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "schedules," "estimated," and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are realized oil and natural gas prices, production volumes, lease operating expenses, general and administrative costs and finding and development costs; future operating results and the factors set forth under the heading "Risk Factors" in our annual and quarterly reports filed with the Securities and Exchange Commission. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Legacy undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
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.
CONTACT: Legacy Reserves LPDan Westcott
Executive Vice President and Chief Financial Officer
Source: Legacy Reserves LP