MIDLAND, Texas, March 13, 2019 /PRNewswire/ -- Legacy
Reserves Inc. ("Legacy") (NASDAQ:LGCY) today announced that it is
evaluating and exploring potential strategic alternatives. These
alternatives include, among others, a sale or other business
combination transaction, sales of assets, financing transactions,
or some combination of these. Legacy is encouraging proposals from
existing stakeholders and interested third parties. Legacy
continues to work with the administrative agent and the other
lenders under its Revolving Credit Facility to extend the maturity
of the Facility.
Legacy has engaged Tudor Pickering & Holt L.P. and Perella
Weinberg Partners L.P. as financial advisors, and Sidley Austin LLP
as outside legal counsel.
About Legacy Reserves Inc.
Legacy Reserves Inc. is an independent energy company engaged in
the development, production and acquisition of oil and natural gas
properties in the United States. Its current operations are
focused on the horizontal development of unconventional plays in
the Permian Basin and the cost-efficient management of
shallow-decline oil and natural gas wells in the Permian
Basin, East Texas, Rocky Mountain and Mid-Continent
regions.
The principal executive offices of Legacy are located at 303 W.
Wall St., Suite 1800, Midland, Texas 79701. Additional
information is available at www.LegacyReserves.com.
Cautionary Statement Relevant to Forward-Looking
Information
This press release includes "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including, without limitation, the evaluation of
financial, transactional, and other strategic alternatives,
statements regarding the expected future growth and dividends of
the company, and plans and objectives of management for future
operations. All statements, other than statements of historical
facts, included in this press release that address activities,
events or developments that Legacy expects, believes or anticipates
will or may occur in the future, are forward-looking statements.
Words such as "anticipates," "expects," "intends," "plans,"
"targets," "projects," "believes," "seeks," "schedules,"
"estimated," and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements rely
on a number of assumptions concerning future events and are subject
to a number of uncertainties, factors and risks, many of which are
outside the control of Legacy, which could cause results to differ
materially from those expected by management of Legacy. Such risks
and uncertainties include, but are not limited to, the structure
and timing of any financial, transactional or other strategic
alternative and whether any such financial, transaction or other
strategic alternative will be completed; whether Legacy will be
able to receive an extension to the maturity date of its revolving
credit facility; realized oil and natural gas prices; production
volumes, lease operating expenses, general and administrative costs
and finding and development costs; future operating results; and
the factors set forth under the heading "Risk Factors" in Legacy's
and Legacy Reserves LP's filings with the U.S. Securities and
Exchange Commission, including its Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The
reader should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Unless legally required, Legacy undertakes no obligation to update
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
CONTACT:
Legacy Reserves Inc.
Investor Relations
432-689-5200
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SOURCE Legacy Reserves Inc.