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Legacy Reserves' CEO Discusses Q3 2011 Results - Earnings Call Transcript

Based on our quarterly adjusted EBITDA of $52.1 million which is the second highest in our history, we increased our distribution for the fourth consecutive quarter to $0.545 a unit. This will be paid on November 14. On a year-over-year basis, we’ve increased our distribution 4.8%. We’ve generated distributable cash flow during the third quarter of approximately $24.1 million or $0.55 per unit, covering our distribution 1.01 times. I will remind you that that’s with the elevated $22.8 million of CapEx we generally include all of our CapEx when we are looking at that. We know some of that is drilled CapEx and we’ll let you decide what that is.

For the nine months we generated distributed cash flow of approximately $79 million or $1.82 per unit, covering our distribution 1.13 times and again I will remind you that’s all CapEx including the growth CapEx that we are using.

I will now turn over to Steve to go over the numbers in details.

Steve Pruett

Thank you, Cary. We are very pleased with our third quarter results as we increased our production record levels, maintained our adjusted EBITDA at a high level during the period of declining commodity prices and we continue to produce strong drilling results.

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