Legacy Reserves (LGCY) Raises 2011 CapEx Budget to $60 Million
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Legacy Reserves LP (Nasdaq: LGCY) approved an increase to its 2011 development capital budget to $60 million, excluding acquisitions, from the previously announced $52 million.
The 2011 capital budget consists of development drilling and completion expenditures, recompletions, and restimulations of existing wells. Through June 30, 2011, Legacy has invested approximately $29 million in development capital expenditures. The remaining $31 million in Legacy's 2011 development capital budget may be adjusted during the second half of the year in response to changes in oil and natural gas prices, cash flow, results of operations and acquisitions.
The 2011 capital budget consists of development drilling and completion expenditures, recompletions, and restimulations of existing wells. Through June 30, 2011, Legacy has invested approximately $29 million in development capital expenditures. The remaining $31 million in Legacy's 2011 development capital budget may be adjusted during the second half of the year in response to changes in oil and natural gas prices, cash flow, results of operations and acquisitions.
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