Legacy Reserves has entered two agreements to acquire oil and natural gas properties in the Permian Basin and Wyoming, US, for a total value of $72.5m.
Under the first agreement, Legacy will acquire Permian Basin assets in Lea, Eddy and Chaves counties, New Mexico, from a private seller for $20m in cash and 278,396 Legacy units.
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The assets have a daily production capacity of 1.26MMcf of natural gas and 110 barrels of oil.
Legacy also entered a second agreement to acquire natural gas properties in Freemont County, Wyoming, which have a daily production capacity of 12.9MMcf of natural gas and 15 barrels of oil, for a total cash sum of $45m.
The acquisition also includes a natural gas gathering system, a gas processing plant and related compression facilities.
The acquisition will be financed through Legacy Reserves’ revolving credit facility.
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By GlobalData
