MIDLAND, Texas, April 9, 2019 /PRNewswire/ -- Legacy
Reserves Inc. ("Legacy" or the "Company") (NASDAQ: LGCY) today
disclosed that Baines Creek Partners, L.P.'s ("Baines Creek") notice of director nominations
for the Company's 2019 Annual Meeting is invalid for failure to comply with the
requirements set forth in Legacy's bylaws. Legacy's bylaws were
established for the protection of the Company and all of its
stockholders. Following review by Legacy and its legal advisors,
Legacy determined that Baines Creek
failed to become a "stockholder of record" of the Company prior to
giving such notice, as required by
the bylaws.
Pursuant to Legacy's bylaws, the
deadline for stockholders to nominate candidates for
election to the Board at the Company's 2019 Annual Meeting
was April 1,
2019.
A copy of the Company's letter
to Baines Creek describing the
deficiency in further detail was filed on a Form 8-K with the SEC
today.
Sidley Austin LLP is serving as legal counsel to Legacy, and
Tudor Pickering & Holt L.P. and Perella Weinberg Partners L.P.
are serving as financial advisors to Legacy.
About Legacy
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.
Forward Looking Statements
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 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.
Important Additional Information and Where to Find
It
STOCKHOLDERS ARE STRONGLY ADVISED TO READ THE COMPANY'S
PROXY STATEMENT FOR THE 2019 ANNUAL MEETING (INCLUDING ANY
AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER DOCUMENTS FILED
WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION. Stockholders may obtain a free copy of the
proxy statement and accompanying WHITE proxy card, any amendments
or supplements to the proxy statement and other documents that the
Company files with the SEC from the SEC's website at www.sec.gov or
the Company's website at www.legacyreserves.com as soon as
reasonably practicable after such materials are electronically
filed with, or furnished to, the SEC.
Certain Information Regarding Participants to the
Solicitation
The Company, its directors, its nominees for
election as director (when chosen) and certain executive officers
will be participants in the solicitation of proxies from
stockholders in connection with the matters to be considered at the
Company's 2019 Annual Meeting of Stockholders. Exhibit 99.2 to the
Current Report on Form 8-K filed with the SEC on April 5, 2019 ("Exhibit 99.2") contains
information regarding the direct and indirect interests, by
security holdings or otherwise of the Company's directors and
executive officers in the Company's securities. In the event that
holdings of the Company's securities change from the amounts
printed in such Exhibit 99.2, such changes will be set forth in SEC
filings on Forms 3, 4, and 5, which can be found on the SEC's
website at www.sec.gov or the Company's website at
www.legacyreserves.com as soon as reasonably practicable after such
materials are electronically filed with, or furnished to, the SEC.
Information can also be found in Legacy's other SEC filings,
including Legacy's most recently filed Annual Report on Form 10-K.
Updated information regarding the identities of potential
participants, and their direct or indirect interests, by security
holdings or otherwise, will be set forth in the Company's proxy
statement in connection with the 2019 Annual Meeting of
Stockholders and other relevant documents to be filed with the
SEC.
Contact:
Legacy Reserves Inc.
Investor Relations
432-689-5200
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SOURCE Legacy Reserves Inc.