MIDLAND, Texas, Aug. 29, 2011 (GLOBE NEWSWIRE) -- Legacy Reserves LP ("Legacy") (Nasdaq:LGCY) today announced that the Board of Directors of Legacy Reserves GP, LLC, the general partner of Legacy Reserves LP, approved an increase to its 2011 development capital budget to $60 million, excluding acquisitions, from the previously announced $52 million. The 2011 capital budget consists of development drilling and completion expenditures, recompletions, and restimulations of existing wells. Through June 30, 2011, Legacy has invested approximately $29 million in development capital expenditures. The remaining $31 million in Legacy's 2011 development capital budget may be adjusted during the second half of the year in response to changes in oil and natural gas prices, cash flow, results of operations and acquisitions.
Steven H. Pruett, President and Chief Financial Officer, commented, "The increase in our development capital budget reflects the favorable economics of our oil-focused drilling and completion projects. We remain excited about the results of our overall development portfolio. In particular, our Permian Basin Wolfberry drilling program continues to outperform our expectations."
About Legacy Reserves LP
Legacy Reserves LP is an independent oil and natural gas 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.