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Legacy Reserves, WPX Close Piceance Acreage Deal

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June 5, 2014

On June 4, Legacy Reserves LP (NASDAQ: LGCY) said it closed an agreement with WPX Energy Inc. (NYSE: WPX) to purchase a working interest in WPX’s Piceance Basin acreage.

In the agreement, the working interest, which will move to 37% in 2015 from its current 29%, covered more than 2,680 natural gas wells in the basin, Legacy said. It will increase to 41% in 2016, the company noted.

Legacy purchased it for $355 million in cash and some of  its new incentive distribution units, the company said.

"Closing this transaction ...


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