Legacy Reserves completes acquisition of Permian Basin assets

Legacy Reserves LP has bought Permian Basin properties located in the Lea, Eddy and Chaves counties of New Mexico for $18m in cash and 278,396 Legacy units.

According to Legacy, the properties have estimated proved reserves of 1.64mmboe, of which 88% are to be proved developed producing reserves.

Currently, the properties have a daily production capacity of 1.26 million cubic feet (mmcf) of natural gas and 110 barrels of oil.

The firm has also completed the acquisition of additional interests in the properties for $3.9m from working interest partners.

These additions have a net daily production of 15 barrels of oil and 249mmcf of natural gas.