Legacy Reserves LP (NASDAQ – LGCY) is an independent oil and natural gas limited partnership headquartered in Midland, Texas. Our focus is on the acquisition and development of oil and natural gas properties primarily located in the Permian Basin and Mid-continent regions of the United States.
We were formed in October 2005 to own and operate the oil and natural gas properties that we acquired from the Moriah Group, the Brothers Group, H2K Holdings, Ltd. and MBN Properties LP. Since this time, we have grown primarily through two activities: the acquisition of producing oil and natural gas properties and the development of producing properties, as opposed to the higher risk exploration of unproved reserves.
Our oil and natural gas production and reserve data as of December 31, 2008 are as follows:
we had proved reserves of approximately 30.8 MMBoe, of which 68% were oil and natural gas liquids and 89% were classified as proved developed producing, 2% were proved developed non-producing, and 9% were proved undeveloped;
our proved reserves had a standardized measure of $235.0 million; and
our proved reserves to production ratio was approximately 10 years based on the average daily net production of 8,553 Boe/d for the three-months ended December 31, 2008.