The company estimates the assets to have reserves of approximately 420 billions of cubic feet equivalent (Bcfe), and anticipates production in the third quarter 2015 to be approximately 70 million cubic feet per day (Mmcfe/d).
The acquisition covers 567 miles of high-pressure pipeline and low-pressure gathering lines and a 502 Mmcfe/d processing plant which have access to major gas markets.
Legacy president and CEO Paul Horne said: "This acquisition represents a material entry into East Texas, a region we have wanted to enter for several years due to its long-lived, low-decline, low-cost nature and high potential for bolt-on acquisitions."
"We believe these assets will provide a stable cash flow stream and some synergies with our upstream assets that would not exist with an outside operator."
The transactions are expected to be completed in the third quarter.
Legacy Reserves is a master limited partnership that acquires and develops of oil and natural gas properties mainly located in the Permian Basin, Rocky Mountain and mid-continent regions of the US.
