Past year: ▼ 100%(0.37c – 1.54 USD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Sept 2007material agreement● Neutral
Legacy's revolving-credit lenders granted a waiver letting it hedge more than 85% of expected production from its currently owned proved producing properties, ahead of the pending Texas Panhandle and Permian Basin acquisitions. It lasts until the earlier of those acquisitions closing or December 31, 2007.
6 Sept 2007material agreement● NeutralMajor
On August 31, 2007 Legacy agreed to buy Texas Panhandle producing properties from private parties for $60.5 million in cash, with closing expected in October 2007. Separately, on August 29 it entered interest rate swaps (October 2007 to November 2011) on $54 million notional, paying floating and receiving fixed rates of 4.8075% to 4.82%.
6 Aug 2007asset acquisition disposition▲ Good
Legacy closed the Permian Basin acquisition announced in July on August 3, 2007, buying properties from Raven Resources and private parties for about $20.3 million in cash, matching the agreed price. Required financial statements will be filed later.
12 July 2007material agreement▲ Good
On July 11, 2007 Legacy agreed to buy producing properties, mainly in the Permian Basin, from private parties for $20.3 million in cash. Closing is expected in August 2007, subject to conditions, and is not conditioned on financing.
5 June 2007asset acquisition disposition▲ Good
Legacy closed its purchase of producing properties in the Slaughter field (Cochran County) and Rocker A NW field (Garza County), West Texas, from Raven Resources and Shenandoah Petroleum on May 31, 2007 for about $12.9 million in cash. Required financial statements will be filed later.
4 June 2007asset acquisition disposition▲ Good
Legacy closed its purchase from Terry S. Fields of producing properties in Midland, Upton and Reagan Counties, West Texas, on May 25, 2007 for about $14.6 million in cash. Required financial statements will be filed later.
8 May 2007material agreement▲ Good
On May 3, 2007 Legacy amended its March 2006 credit agreement with BNP Paribas as agent: Wachovia Bank was added as a lender and the borrowing base rose from $130 million to $150 million. This gives Legacy more borrowing capacity; the filing does not say how much is drawn.
4 May 2007asset acquisition disposition▲ Good
Legacy closed its purchase of producing properties in Lea and Eddy Counties, southeast New Mexico, from Ameristate Exploration on May 1, 2007 for about $5.5 million in cash. Required financial statements will be filed later.
19 Apr 2007asset acquisition disposition▲ GoodMajor
The East Binger acquisition from Nielson & Associates closed April 16, 2007 on the announced terms: about $45 million, paid $30 million in cash plus 611,247 new Legacy units. Nielson received rights to have those units included in future registration statements. Financial statements for the deal are to be filed later.
21 Mar 2007capital raising announcement▲ GoodMajor
Legacy's operating subsidiary agreed on March 20, 2007 to buy producing properties in the East Binger (Marchand) Unit, Caddo County, Oklahoma from Nielson & Associates for about $45 million: $30 million in cash and 611,247 Legacy units (the remainder). Closing is expected in mid-April 2007, subject to conditions, and the deal is not conditioned on financing.
18 Jan 2007material agreement▲ GoodMajor
Legacy closed its initial public offering on January 18, 2007: 6,900,000 units sold at $19.00 each to the public ($17.67 net of underwriting discounts), including the full 900,000-unit underwriters' option exercised January 17. This completes the offering priced January 11 and follows the January 12 prospectus supplement; the filing does not state the total proceeds or how they will be used.
10 Jan 2007listing compliance notice▲ GoodMajor
Nasdaq certified LEGACY RESERVES LP's securities for listing, clearing them to begin trading.
