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Legacy Oil + Gas announces over 20% increase in 2013 year-end reserves


Published Mar 7, 2014
Legacy Oil + Gas Inc.-2

Legacy Oil + Gas Inc. is pleased to announce its 2013 year-end reserves and provide an operational update.

The financial and operational information contained below is based on the Company's unaudited expected results for the year ended December 31, 2013.

HIGHLIGHTS

◾ 2013 net asset value per share grew by 20 percent over 2012 to $11.71 per share ◾ 2013 total proved plus probable finding and development costs ("F&D") (including changes in future development costs) decreased 12 percent from 2012 to $20.20 per Boe ◾ 2013 total proved plus probable finding, development and acquisition costs ("FD&A") (including changes in future development costs) decreased 3 percent from 2012 to $22.01 per Boe ◾ Generated a recycle ratio of 2.5 times (F&D) and 2.3 times (FD&A) based on estimated 2013 average netbacks of$49.86 per Boe ◾ Total proved plus probable reserves grew by 24 percent to 117.2 MMBoe (84 percent oil and NGL's) at year end 2013 from 94.2 MMBoe (84 percent oil and NGL's) at year end 2012 ◾ Total proved reserves grew by 20 percent to 66.7 MMBoe at year end 2013 from 55.4 MMBoe at year end 2012 ◾ 2013 production averaged 19,013 Boe per day, an increase of 17 percent over 2012 average production of 16,301 Boe per day

Tags: Legacy Oil + Gas Inc.




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