Legacy Reserves Inc. and Legacy Reserves LP Announce Completion of Corporate Reorganization
- To Commence Trading as Legacy Reserves Inc. and Ring Friday's Opening Bell at NASDAQ -
MIDLAND, Texas, Sept. 20, 2018 /PRNewswire/ -- Legacy Reserves Inc. ("Legacy") and Legacy Reserves LP (the "Partnership") (NASDAQ: LGCY) announced today the completion of the previously announced corporate reorganization of the Partnership, pursuant to which the unitholders and holders of preferred units of the Partnership became stockholders of Legacy, which will be a publicly-traded corporation (the "Transaction"). At the Partnership's special meeting held on September 19, 2018, unitholders approved the merger agreement with approximately 99% of the votes cast. Additionally, the unitholders approved the Legacy 2018 Omnibus Incentive Plan but did not approve the classification of the Board of Directors of Legacy, which results in the Board of Directors of Legacy having a single class of directors.
Paul T. Horne, the Chairman of the Board and Chief Executive Officer of Legacy, commented, "Today marks two important milestones: first, the final step in our organization's multi-year transition to a C-Corporation and, second, another critical achievement that positions this company for enduring success. We are grateful for the support of our stakeholders and are excited about the opportunity to build long-term shareholder value."
Legacy will ring the Nasdaq Stock Market Opening Bell on Friday, September 21, 2018, following which, shares of Legacy are to begin trading on the Nasdaq Global Select Market under the symbol "LGCY," which is the same symbol the Partnership's units traded under prior to the Transaction. The ceremony, which commemorates the completion of the Transaction, will take place between 9:15 and 9:30 a.m. ET and will stream live online at https://new.livestream.com/nasdaq/live.
About Legacy Reserves Inc.
Legacy Reserves Inc. is an independent energy company engaged in the development, production and acquisition of oil and natural gas properties in the United States. Its current operations are focused on the horizontal development of unconventional plays in the Permian Basin and the cost-efficient management of shallow-decline oil and natural gas wells in the Permian Basin, East Texas, Rocky Mountain and Mid-Continent regions.
The principal executive offices of Legacy are located at 303 W. Wall St., Suite 1800, Midland, Texas 79701. Additional information is available at www.LegacyReserves.com.
Cautionary Statement Relevant to Forward-Looking Information
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements regarding the expected future growth and dividends of the reorganized company, and plans and objectives of management for future operations. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Legacy expects, believes or anticipates will or may occur in the future, are forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "schedules," "estimated," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the control of Legacy, which could cause results to differ materially from those expected by management of Legacy. Such risks and uncertainties include, but are not limited to, realized oil and natural gas prices; production volumes, lease operating expenses, general and administrative costs and finding and development costs; future operating results; and the factors set forth under the heading "Risk Factors" in Legacy's filings with the U.S. Securities and Exchange Commission (the "SEC"), including Legacy Reserves LP's Annual Report on Form 10-K, Legacy Reserves LP's Quarterly Reports on Form 10-Q and Legacy Reserves LP and Legacy's Current Reports on Form 8-K. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Legacy undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Legacy Reserves Inc.
President and Chief Financial Officer
SOURCE Legacy Reserves Inc.