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Legacy Reserves LP's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Stocks in this article: LGCY

For the year, after deducting all of our $71.6 million of development capital expenditures, we generated approximately $108 million or $2.46 per unit of distributable cash flow, covering our 216 distribution by 1.14 times. We continue to be encouraged by the results of our Wolfberry drilling program, which are meeting or exceeding our expectations. While our Wolfberry program will remain the focus of our operated drilling activity in 2012, our $62 million capital budget also includes two operated horizontal Bone Spring wells and two operated Yeso wells. With the multi-year oil-weighted drilling inventory that's largely within the Permian and our strong acquisition efforts, we believe we are well-positioned for the future and look forward to another highly productive year in 2012.

I'll now turn it back over to Steve to cover the fourth quarter and annual 2011 results in detail. Thanks Steve.

Steve Pruett – President and Chief Financial Officer

Thank you, Cary. We are very pleased with our fourth quarter and record annual results in 2011. With our successful November 2011 equity offering, where we raised $106.7 million of proceeds net of expenses, combined with our amended $1 billion credit facility, we are well-positioned to execute our acquisition development plans in 2012.

As of February 21, 2012, we had $200 million of borrowing capacity under our revolving credit facility, which has a current $550 million borrowing base. This will be re-determined effective April 1 of this year. With favorable conditions in the public capital markets and ample availability under our credit facility, we look forward to another year of strong organic growth and acquisitions. We thank our employees and our directors and all of our unit holders for another solid performance. We thank our investors and our banks for supporting our growth this year.

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