Baines Creek Capital LLC purchased $3.36M worth of shares in Legacy Reserves LP in June 2018
Jul 08, 2018
Legacy Reserves LP (NASDAQ – LGCY) is an independent oil and natural gas limited partnership headquartered in Midland, Texas, and is focused on the acquisition and development of oil and natural gas properties primarily located in the Permian Basin, Mid-Continent and Rocky Mountain regions of the United States. We were formed in October 2005 to own and operate the oil and natural gas properties that we acquired from our founding investors and three charitable foundations in connection with the closing of our private equity offering on March 15, 2006. On January 18, 2007, we completed our initial public offering. Our primary business objective is to generate stable cash flows allowing us to make cash distributions to our unitholders and to support and increase quarterly cash distributions per unit over time through a combination of acquisitions of new properties and development of our existing oil and natural gas properties. Key Statistics Our oil and natural gas production and reserve data as of December 31, 2011 are as follows: we had proved reserves of approximately 63.4 MMBoe, of which 68% were oil and natural gas liquids ("NGLs") and 85% were classified as proved developed producing, 2% were proved developed non-producing, and 13% were proved undeveloped; our proved reserves had a standardized measure of $1.1 billion; and our proved reserves to production ratio was approximately 12.6 years based on the average daily net production of 13,750 Boe/d (approximately 73% operated) for the three months ended December 31, 2011. We have grown primarily through two activities: the acquisition of producing oil and natural gas properties and the development of properties in established producing trends. From 2007 through 2011, we completed 93 acquisitions of oil and natural gas properties for a total of approximately $847 million, excluding $57.5 million of non-cash asset retirement obligations. These acquisitions of primarily long-lived, oil-weighted assets, along with our ongoing development activities and operational improvements, have allowed us to achieve significant operational and financial growth during this time period
In The News
CNA Financial Announces Transfer Of Legacy Excess Workers' Compensation Portfolio To Cavello Bay Reinsurance Limited
Dec 30, 2020 - PR Newswire
Baines Creek Capital LLC is a private company headquartered in Austin, TX, with subsidiaries in US, that provides investment advice. Baines Creek Capital LLC is a major shareholder of Legacy Reserves, Inc. (23.85 %).