MIDLAND, Texas, Nov 4, 2009 (GlobeNewswire via COMTEX News Network) --

Legacy Reserves LP ("Legacy") (Nasdaq:LGCY) today announced third quarter results for 2009. This unaudited financial information is preliminary and is subject to adjustments in connection with the final unaudited financial statements to be released on or about November 6, 2009 within Legacy's Quarterly Report on Form 10-Q.

A summary of selected financial information follows. For complete financial statements, please see accompanying tables.

                    (dollars in millions)
                            Three Months Ended     Nine Months Ended
                           --------------------   --------------------
                           Sept. 30,   June 30,   Sept. 30,  Sept. 30,
                             2009        2009       2009        2008
                           ---------  ---------   ---------  ---------
 Production
  (Boe/d)                    8,185       8,154     8,220       7,255
 Revenue                     $37.9       $31.9     $92.8      $181.0
 Expenses                    $34.5       $31.3    $100.5       $92.4
 Operating income
  (loss)                      $3.4        $0.6     ($7.7)      $88.6
 Unrealized gain (loss)
  on commodity swaps         ($5.7)     ($75.8)   ($81.0)     ($13.2)
 Net income (loss)           ($0.9)     ($57.0)   ($54.4)      $31.1
 Adjusted EBITDA (*)         $30.8       $32.1     $87.6       $82.0
 Distributable Cash
  Flow (*)                   $23.3       $24.7     $62.8       $57.0

 *   Non-GAAP financial measure, see Adjusted EBITDA and Distributable
     Cash Flow table at the end of this press release

Highlights of the third quarter of 2009 compared to the second quarter of 2009:

 -- Production increased 8,185 Boe per day from 8,154 Boe per day
    despite only $3.0 million and $2.6 million of development capital
    expenditures in the third and second quarters of 2009,
    respectively.
 -- Combined realized prices were $50.33 per Boe, up 17% from $42.93
    per Boe in the second quarter excluding the favorable impact of
    commodity derivatives. Oil prices were $65.38 per barrel compared
    to $55.79 per barrel, while natural gas prices increased to $4.51
    per Mcf from $3.79 per Mcf.
 -- Oil, NGL and natural gas sales were $37.9 million, a 19% increase
    from $31.9 million due to the increase in commodity prices as well
    as slightly higher production volumes.
 -- Commodity derivative cash settlements decreased to $10.1 million
    compared to $16.7 million due to commodity price increases.
 -- Production expenses excluding ad valorem and production taxes
    increased 7% to $11.5 million, or $15.22 per Boe, from
    $10.7 million, or $14.38 per Boe, primarily due to higher levels
    of discretionary workover activity to improve production.
 -- General and administrative expenses were $4.0 million, or $5.31 per
    Boe, compared to $3.9 million, or $5.26 per Boe, in the second
    quarter.  The third quarter included $1.5 million of non-cash
    compensation expense related to Legacy's incentive plan due to
    increases in unit price, compared to $0.8 million in the second
    quarter of 2009. The second quarter also included $1.1 million of
    costs incurred related to the Apollo Offer.
 -- Adjusted EBITDA decreased 4% to $30.8 million from $32.1 million
    primarily due to lower commodity hedge settlements and higher
    expenses which more than offset higher revenue.
 -- Distributable cash flow decreased 6% to $23.3 million from $24.7
    million primarily as a result of our lower EBITDA.

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