Legacy Reserves LP (LGCY) said Monday it closed on October 1st the previously announced acquisition of 100% of the membership interests of Pantwist, LLC from Cano Petroleum, Inc. for approximately $40.8 million.
Pantwist owns operated interests in approximately 126 producing wells in the Texas Panhandle near Legacy's existing production.
Legacy also announced the acquisition of Permian Basin oil and natural gas producing properties from three private parties for approximately $9.44 million.
The borrowing base under Legacy's credit facility has been increased to $383.76 million from the previous $320 million. As a result of this increase, and giving effect to the recent acquisitions, Legacy has in excess of $100 million of borrowing capacity available under its credit facility.
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