29 Jan 2009director interest notice● Neutral
LEGACY RESERVES LP VP, CAO and Controller William M Morris received a stock option grant for 5,880 shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Jan 2009director interest notice● Neutral
LEGACY RESERVES LP EVP of Bus Dev and Land Kyle A Mcgraw received a stock option grant for 9,800 shares.
29 Jan 2009director interest notice● Neutral
LEGACY RESERVES LP VP of Operations Paul T Horne received a stock option grant for 9,800 shares.
29 Jan 2009director interest notice● Neutral
LEGACY RESERVES LP Chairman and CEO Cary D Brown received a stock option grant for 11,760 shares.
29 Jan 2009director interest notice● Neutral
LEGACY RESERVES LP President, CFO and Secretary Steven H Pruett received a stock option grant for 11,760 shares.
8 Dec 2008director interest notice● Neutral
LEGACY RESERVES LP director Dale A Brown bought 27,246 shares on the open market.
1 Dec 2008director interest notice● Neutral
LEGACY RESERVES LP director Dale A Brown bought 3,400 shares on the open market at $7.13.
26 Nov 2008director interest notice● Neutral
LEGACY RESERVES LP director Dale A Brown bought 28,500 shares on the open market at $7.01.
19 Nov 2008director interest notice● Neutral
LEGACY RESERVES LP director Kyle D Vann bought 4,500 shares on the open market at $8.62.
17 Nov 2008director interest notice● Neutral
LEGACY RESERVES LP director William R Granberry bought 3,000 shares on the open market at $9.05.
14 Oct 2008director interest notice● Neutral
LEGACY RESERVES LP director Kyle D Vann bought 10,000 shares on the open market at $11.32.
14 Oct 2008director interest notice● Neutral
LEGACY RESERVES LP President, CFO and Secretary Steven H Pruett bought 731 shares on the open market at $10.86.
10 Oct 2008director interest notice● Neutral
LEGACY RESERVES LP director William R Granberry bought 4,000 shares on the open market at $12.20.
7 Oct 2008asset acquisition disposition● NeutralMajor
Legacy closed the Pantwist acquisition from Cano Petroleum on October 1, 2008 for about $40.8 million in cash, slightly below the $42.7 million announced in September. It also signed a Fifth Amendment raising the borrowing base to $383.76 million, with higher interest margins (LIBOR plus 1.50%-2.125%) and a new covenant capping total debt at 3.75 times EBITDA. Royal Bank of Canada and Wells Fargo joined the lenders and Comerica left. Legacy also added interest rate swaps on $100 million of borrowings at a weighted average fixed 3.185% through October 2011. Whether Pantwist requires separate financial statements is still undecided.
30 Sept 2008material agreement● Neutral
Legacy agreed to invest up to $20 million over three years alongside Black Oak Resources, taking an 8% interest in properties Black Oak acquires (Black Oak takes 92%) and paying 8% of development costs. Black Oak will manage and generally operate the properties, and the agreement includes rights of first offer and drag-along/tag-along sale terms. Legacy also agreed not to enter similar arrangements during the period.
18 Sept 2008director interest notice● Neutral
LEGACY RESERVES LP director Kyle D Vann bought 10,000 shares on the open market at $15.05.
12 Sept 2008director interest notice● Neutral
LEGACY RESERVES LP director Kyle D Vann bought 5,000 shares on the open market at $18.39.
10 Sept 2008material agreement● NeutralMajor
Legacy agreed on September 5, 2008 to buy Pantwist, LLC from Cano Petroleum for about $42.7 million, with closing expected October 1, 2008 and funding from its credit facility. Pantwist owns oil and gas properties in four Texas Panhandle counties. Legacy also locked in fixed prices through commodity swaps covering 2008-2012: 453,000 barrels of oil at $109.125 and 943,100 MMBtu of gas at $8.10.
29 Aug 2008director interest notice● Neutral
LEGACY RESERVES LP director Kyle D Vann received 2,500 shares as part of the equity award.
29 Aug 2008director interest notice● Neutral
LEGACY RESERVES LP director Dale A Brown received 2,500 shares as part of the equity award.
29 Aug 2008director interest notice● Neutral
LEGACY RESERVES LP director William R Granberry received 2,500 shares as part of the equity award.
29 Aug 2008director interest notice● Neutral
LEGACY RESERVES LP director G Larry Lawrence received 2,500 shares as part of the equity award.
29 Aug 2008director interest notice● Neutral
LEGACY RESERVES LP director William D Sullivan received 2,500 shares as part of the equity award.
12 Aug 2008director interest notice● Neutral
LEGACY RESERVES LP director Kyle D Vann bought 4,000 shares on the open market at $21.44.
19 May 2008director interest notice● Neutral
LEGACY RESERVES LP director William R Granberry bought 1,500 shares on the open market at $22.83.
13 May 2008director interest notice● Neutral
LEGACY RESERVES LP director Kyle D Vann bought 5,500 shares on the open market at $23.37.
5 May 2008asset acquisition disposition● NeutralMajor
Legacy closed the previously announced acquisition (called the COP III Acquisition) on April 30, 2008 for about $82 million, paying $50.6 million in cash and issuing 1,345,291 units. The cash portion came in below the $55 million estimated in March. The properties are mainly in the Permian Basin of West Texas and southeastern New Mexico, with some in Oklahoma and Kansas. Legacy has not yet decided whether the deal is large enough to require separate financial statements.
25 Apr 2008debt financing● Neutral
Legacy signed a Fourth Amendment to its March 2006 credit agreement, raising the borrowing base to $272 million, and to $320 million when the acquisition scheduled to close April 30, 2008 completes. This is up from the $225 million set in October 2007. Interest margins went up (LIBOR plus 1.250%-1.875%, from 1.000%-1.750%), and The Bank of Nova Scotia joined the lenders. This supports funding the cash portion of the pending acquisition.
7 Apr 2008securities registration● Neutral
LEGACY RESERVES LP registered a securities offering with the SEC using its shelf eligibility.
19 Mar 2008securities registration● Neutral
LEGACY RESERVES LP filed the final prospectus for a registered offering.