Legacy Reserves LP (NASDAQ:LGCY) Files An 8-K Other EventsItem 8.01. Other Events.
On August 1, 2017, a subsidiary of Legacy Reserves LP (“Legacy”), along with Jupiter JV LP (“Investor”), entered into the First Amended and Restated Development Agreement (the “Restated Agreement”), which amends and restates the Development Agreement, dated July 2, 2015, between Legacy and Investor to which Legacy and Investor agreed to participate in the funding, exploration, development and operation of certain of Legacy’s undeveloped oil and gas properties in the Permian Basin. In connection with the Restated Agreement, Legacy made a payment of $141 million to, among other things, cause the reversion of Investor's working interest from 80% to 15% of the parties' combined interests in all wells and associated personal property and infrastructure (collectively, the “Wells”) contained in the first tranche meaning that Legacy’s working interest correspondingly increased from 20% to 85% of the parties' combined interests in the Wells, and all undeveloped assets subject to the terms of the Restated Agreement reverted back to Legacy (together, the “Jupiter Acceleration Payment Interests”).
The statements of revenues and direct operating expenses, including notes thereto, for the Jupiter Acceleration Payment Interests for the year ended December 31, 2016 and for the six months ended June 30, 2017 and 2016, and the independent auditor's report related to the year ended December 31, 2016, are attached hereto as Exhibit 99.1 and are incorporated herein by reference.
The unaudited pro forma balance sheet of Legacy Reserves LP at June 30, 2017, which gives effect to the Jupiter Acceleration Payment Interests, and the unaudited pro forma statements of operations of Legacy Reserves LP for the year ended December 31, 2016 and for the six months ended June 30, 2017 and 2016, which give effect to the Jupiter Acceleration Payment Interests, are attached hereto as Exhibit 99.2 and are incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
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Consent of Independent Auditor.
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LEGACY RESERVES LP ExhibitEX-23.1 2 exhibit231auditorconsent.htm CONSENT OF INDEPENDENT AUDITOR Exhibit Exhibit 23.1Consent of Independent AuditorLegacy Reserves LPMidland,…To view the full exhibit click here
About Legacy Reserves LP (NASDAQ:LGCY)
Legacy Reserves LP (Legacy) is a master limited partnership company. The Company is focused on the acquisition and development of oil and natural gas properties located in the Permian Basin, Rocky Mountain and Mid-Continent regions of the United States. The Company has proved reserves of approximately 164.2 million barrels of crude oil equivalent (MMBoe), of which over 73% are natural gas, approximately 27% are oil and natural gas liquids (NGLs) and over 97% are classified as proved developed producing. The Company has completed approximately 140 acquisitions of oil and natural gas properties. It owns interests in producing oil and natural gas properties in over 720 fields in the Permian Basin, East Texas, Piceance Basin of Colorado, Texas Panhandle, Wyoming, North Dakota, Montana, Oklahoma and several other states. Legacy’s fields and regions include East Texas, Spraberry/War San, Piceance Basin, Lea, Texas Panhandle, Deep Rock, Shafter Lake, Jalmat, Winchester and Denton.