Legacy Reserves Ready To Tap Financial Markets (LGCY)

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Legacy Reserves LP (NASDAQ: LGCY) has filed to offer up to $500 million in limited partnership interests and debt securities.

The independent oil and natural gas limited partnership acquires and develops properties in the Permian Basin and Mid-continent regions of the U.S.

Their current market cap sits at $614 million, making this offering relatively large, nearly doubling the current market cap (depending on the break-down of units). So far its shares (units) are up almost 1% on thin trading volume to $20.88 in early morning trading. The 52-week trading range is $17.95 to $30.42.

Rachel Lopez
April 7, 2008