January 19, 2010 (FinancialWire) — Legacy Reserves LP (NASDAQ: LGCY) said it plans to sell 4,250,000 units in an underwritten public offering pursuant to an effective shelf registration statement on form S-3 previously filed with the Securities and Exchange Commission.

The underwriters have been granted a 30-day option to purchase up to 637,500 additional units. Legacy Reserves LP intends to use the net proceeds of this offering, including the net proceeds from any exercise of the underwriters’ option to purchase additional units, to fund a portion of the purchase price of an acquisition of working interests in properties in the Big Horn and Wind River Basins of Wyoming.

The offering is not conditioned upon the closing of such acquisition, which is expected to occur on February 17, 2010. Pending the use of the proceeds for such purpose, Legacy Reserves LP intends to use the net proceeds for general partnership purposes, including to reduce outstanding borrowings under its revolving credit facility.

Wells Fargo Securities, BofA Merrill Lynch and UBS Investment Bank will act as joint book-running managers of the offering.

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