Legacy Reserves LP (Nasdaq: LGCY) reports that the board of Legacy Reserves GP LLC, the general partner of Legacy Reserves LP, has approved an increase to its 2011 development capital budget to $52 million (excluding acquisitions) from the previously announced $45 million (excluding acquisitions).

The 2011 capital budget consists of development drilling and completion expenditures, recompletions, and restimulations of existing wells. This capital budget increase is primarily due to development projects associated with the company's Permian Basin acquisition that closed on December 22, 2010, as well as increased non-operated drilling activity in the Permian Basin. This capital budget may be adjusted during the year in response to changes in oil and natural gas prices, cash flow, results of operations and acquisitions.

Legacy Reserves focuses on the acquisition and development of oil and natural gas properties primarily in the Permian Basin, Midcontinent and Rocky Mountain regions of the United States.