OilVoice - Legacy Reserves Announces Its 2010 Development Capital Budget

Legacy Reserves Announces Its 2010 Development Capital Budget

Friday, November 13, 2009

Legacy Reserves LP announces that the Board of Directors of Legacy Reserves GP, LLC, the general partner of Legacy Reserves LP, approved a 2010 development capital budget of $25.0 million. The capital budget consists of development drilling and completion expenditures, recompletions, and restimulations of existing wells. Legacy may adjust the capital budget during the year in response to changes in oil and natural gas prices and cash flow. Legacy does not budget for acquisitions, but it currently has over $100 million of available borrowing capacity under its credit facility that may be used for the acquisition of oil and natural gas assets.