15 Mar 2010director interest notice● Neutral
LEGACY RESERVES LP President, CFO and Secretary Steven H Pruett exercised stock options for 20,000 shares and disposed of 40,000 shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Mar 2010director interest notice● Neutral
LEGACY RESERVES LP Chairman and CEO Cary D Brown exercised stock options for 20,000 shares and disposed of 40,000 shares.
15 Mar 2010director interest notice● Neutral
LEGACY RESERVES LP VP, CAO and Controller William M Morris exercised stock options for 13,320 shares and disposed of 26,640 shares.
23 Feb 2010asset acquisition disposition▲ GoodMajor
Legacy closed the Wyoming acquisition from St. Mary Land & Exploration on February 17, 2010, buying thirteen operated oil fields in the Big Horn and Wind River Basins for about $125.2 million in cash, subject to adjustments. This is below the $130 million price announced in December 2009 and completes that pending deal.
16 Feb 2010director interest notice● Neutral
LEGACY RESERVES LP director Kyle D Vann disposed of 974 shares via option/appreciation-right settlement.
14 Jan 2010material agreement● NeutralMajor
Legacy sold 4,250,000 new units to the public at $20.42 each ($19.56 net of underwriting discount), and the underwriters took their full option for another 637,500 units, for 4,887,500 units in total. Closing was scheduled for January 15, 2010. This follows the September 2009 offering at $15.85, and the filing does not state the use of proceeds (an inference is that it relates to the pending Wyoming purchase, but the text does not say so). Existing unitholders are diluted.
12 Jan 2010securities registration● Neutral
LEGACY RESERVES LP filed a prospectus supplement for an offering off its existing shelf.
11 Jan 2010securities registration● Neutral
LEGACY RESERVES LP filed the final prospectus for a registered offering.
22 Dec 2009director interest notice● Neutral
LEGACY RESERVES LP VP, CAO and Controller William M Morris sold 30,000 shares at $19.17.
22 Dec 2009material agreement● NeutralMajor
Legacy agreed on December 17, 2009 to buy working interests in 13 operated oil fields in Wyoming's Big Horn and Wind River Basins from St. Mary Land & Exploration for $130 million, with closing expected February 2010 and funding from its credit facility. Legacy has asked its lenders for an interim borrowing base redetermination, and the lenders waived the 85% hedging limit tied to this deal. It also entered oil and gas swaps for 2010-2014 covering 1,792,389 barrels of oil and 717,600 MMBtu of gas on the Wyoming properties, plus additional ANR-Oklahoma and Waha gas swaps for existing assets.
17 Dec 2009director interest notice● Neutral
LEGACY RESERVES LP director Dale A Brown disposed of 717,865 shares via option/appreciation-right settlement.
17 Dec 2009director interest notice● Neutral
LEGACY RESERVES LP 10%+ owner Moriah Properties, LTD. disposed of 1,450,526 shares via option/appreciation-right settlement.
17 Dec 2009director interest notice● Neutral
LEGACY RESERVES LP Chairman and CEO Cary D Brown disposed of 717,865 shares via option/appreciation-right settlement.
7 Dec 2009director interest notice● Neutral
LEGACY RESERVES LP director G Larry Lawrence sold 2,250 shares at $17.90.
20 Oct 2009material agreement termination● Neutral
Legacy and Black Oak mutually terminated the September 2008 Participation Agreement on October 19, 2009. Legacy was never required to invest anything under it and incurred no termination costs. The termination also releases Legacy from the obligation to offer certain business opportunities to Black Oak.
17 Sept 2009material agreement● NeutralMajor
Legacy sold 3,300,000 new units to the public at $15.85 each ($15.18 net of underwriting discount), and the underwriters took their full option for another 495,000 units, for 3,795,000 units in total. Closing was scheduled for September 18, 2009. The filing does not state how the proceeds will be used. Existing unitholders are diluted by the new units.
15 Sept 2009securities registration● Neutral
LEGACY RESERVES LP filed a prospectus supplement for an offering off its existing shelf.
14 Sept 2009securities registration● Neutral
LEGACY RESERVES LP filed the final prospectus for a registered offering.
20 Aug 2009director interest notice● Neutral
LEGACY RESERVES LP director Kyle D Vann bought 974 shares on the open market.
20 Aug 2009director interest notice● Neutral
LEGACY RESERVES LP director Kyle D Vann received 3,227 shares as part of the equity award.
20 Aug 2009director interest notice● Neutral
LEGACY RESERVES LP director William R Granberry received 3,227 shares as part of the equity award.
20 Aug 2009director interest notice● Neutral
LEGACY RESERVES LP director William D Sullivan received 3,227 shares as part of the equity award.
20 Aug 2009director interest notice● Neutral
LEGACY RESERVES LP director G Larry Lawrence received 3,227 shares as part of the equity award.
20 Aug 2009director interest notice● Neutral
LEGACY RESERVES LP director Dale A Brown received 3,227 shares as part of the equity award.
1 Apr 2009debt financing▼ BadMajor
On March 27, 2009 Legacy replaced its 2006 credit facility with a new three-year $600 million secured revolver maturing April 1, 2012. The borrowing base is $340 million, below the $383.76 million set in October 2008, and $300 million is already drawn, leaving $40 million available. Borrowings are secured by mortgages on over 80% of its oil and gas properties and a pledge of its operating subsidiaries. Interest margins are higher (LIBOR plus 2.25%-3.0%), and the total debt to EBITDA cap stays at 3.75 times. The initial borrowings paid off the old facility.
13 Feb 2009director interest notice● Neutral
LEGACY RESERVES LP EVP of Operations Paul T Horne exercised stock options for 1,867 shares and disposed of 3,734 shares.
13 Feb 2009director interest notice● Neutral
LEGACY RESERVES LP EVP of Bus Dev and Land Kyle A Mcgraw exercised stock options for 1,867 shares and disposed of 3,734 shares.
13 Feb 2009director interest notice● Neutral
LEGACY RESERVES LP VP, CAO and Controller William M Morris exercised stock options for 1,120 shares and disposed of 2,240 shares.
13 Feb 2009director interest notice● Neutral
LEGACY RESERVES LP President, CFO and Secretary Steven H Pruett exercised stock options for 4,480 shares and disposed of 2,240 shares.
13 Feb 2009director interest notice● Neutral
LEGACY RESERVES LP Chairman and CEO Cary D Brown exercised stock options for 2,240 shares and disposed of 4,480 shares.