2010-05-06-2010-03-29

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
$14.0MM
Description

To acquire assets in West TX Permian Basin, gaining 213 BOE/d.

Legacy Reserves LP, Midland, Texas, (Nasdaq: LGCY) plans to acquire assets in the Permian Basin of West Texas from Brigham Exploration Co., Austin, Texas, (Nasdaq: BEXP) for $14 million. The assets are in Dawson, Howard, Midland and Stonewall counties and contain approximately 602,000 barrels of oil equivalent in proved developed producing reserves. Production as of Dec. 31, 2009, averaged 213 barrels of oil equivalent per day (90% oil). More than 75% of the properties are operated. Closing is expected by April 30.

Jefferies & Co. Inc. analyst Subash Chandra values the deal at $10,955 per flowing Mcfe. Analysts at Tudor, Pickering, Holt & Co. value the deal at $23 per BOE proved, and $66,000 per BOE per day.