Legacy Reserves LP Announces Public Offering Of Units Representing Limited Partner Interests

MIDLAND, Texas, Nov. 17, 2010 (GLOBE NEWSWIRE) -- Legacy Reserves LP (Nasdaq:LGCY) today announced that it plans to sell 3,000,000 units in an underwritten public offering pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. The underwriters have been granted a 30-day option to purchase up to 450,000 additional units. Legacy Reserves LP intends to use the net proceeds of this offering, including the net proceeds from any exercise of the underwriters' option to purchase additional units, to fund a portion of the purchase price of an acquisition of working interests in properties in the Permian Basin. The closing of the acquisition, which is expected to occur on December 22, 2010, is not contingent upon the closing of this offering and this offering is not conditioned upon the closing of the acquisition. Pending the use of the proceeds for such purpose, Legacy Reserves LP intends to use the net proceeds for general partnership purposes, including to reduce outstanding borrowings under its revolving credit facility.

Wells Fargo Securities, Raymond James and Citi will act as joint book-running managers of the offering.

The offering may be made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended. A copy of the preliminary prospectus supplement and accompanying base prospectus meeting such requirements relating to this offering may be obtained from any of the underwriters, including the offices of:

Wells Fargo Securities

Attn: Equity Syndicate Dept.

375 Park Avenue

New York, New York 10152

Email: [e-mail]

Telephone: [phone]

Raymond James

Attn: Equity Syndicate

880 Carillon Parkway

St. Petersburg, Florida 33716

Telephone: [phone]

Citi

Attn: Prospectus Department

Brooklyn Army Terminal

140 58th Street, 8th Floor

Brooklyn, NY 11220

Email: [e-mail]

Toll-free number: 800-831-9146

You may also obtain these documents for free when they are available by visiting the Securities and Exchange Commission's Web site at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.