CALGARY, May 7, 2012 /CNW/ - Legacy Oil + Gas Inc. ("Legacy") (TSX: LEG)
is pleased to announce that its banking syndicate, led by BMO Capital
Markets and including National Bank, the Bank of Nova Scotia, ATB
Financial, Canadian Imperial Bank of Commerce, JP Morgan Chase Bank NA
and The Toronto-Dominion Bank has increased the borrowing base from the
previous $450 million to $525 million. The next interim review is
scheduled for October 31, 2012.
The increase is due to Legacy's high netback light oil reserves, long
reserve life and increased production over the past year and continues
to provide Legacy with significant financial flexibility with which to
conduct its operations.
Legacy is a uniquely positioned, technically driven intermediate oil and
natural gas company with a proven management team committed to
aggressive, cost-effective growth of light oil reserves and production
in large hydrocarbon in-place assets and resource plays. Legacy's
common shares trade on the TSX under the symbol LEG.
<p> </p> <p> <b>Trent J. Yanko, P.Eng.</b><br/> President + CEO </p> <p> Legacy Oil + Gas Inc.<br/> 4400, 525 - 8th Avenue S.W.<br/> Calgary, AB T2P 1G1 </p> <p> Telephone: 403.441.2300<br/> Fax: 403.441.2017 </p> <p> <b>Matt Janisch, P.Eng.</b><br/> Vice-President, Finance + CFO </p> <p> Legacy Oil + Gas Inc.<br/> 4400, 525 - 8th Avenue S.W.<br/> Calgary, AB T2P 1G1 </p> <p> Telephone: 403.441.2300<br/> Fax: 403.441.2017<br/> </p>