Legacy Completes Purchase of Multiple Wyoming Fields
Updated by Staff
Legacy Reserves LP (Nasdaq: LGCY) has closed the acquisition of thirteen operated oil fields in Wyoming from St. Mary Land & Exploration Company. The acquisition made headlines in December when the transaction was announced.
According to Legacy, the purchase price of the acquisition after closing adjustments was $118.7 million, in addition to the $6.5 million deposit previously paid. The deal involves a commodity swaps associated with the Wyoming acquisition over the period of 2010-2014.
Legacy funded the acquisition with advances from revolving credit facility which currently has a $340 million borrowing base. The borrowing base is scheduled to be redetermined on April 1, 2010, when an increase related to the Wyoming acquisition and other recent acquisitions is expected.
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