Legacy Acquires Light Oil Assets

Purchased light oil assets in Saskatchewan and Turner Valley core areas.

Legacy Oil + Gas Inc. (TO: LEG) acquired light oil assets within the company's core areas from a senior producer.

Legacy is acquiring high quality, high netback, light oil assets focused in the company's southeast Saskatchewan and Turner Valley core areas for total consideration of C $108.6 million in cash and 13.9 million Legacy common shares. The producing properties are predominately operated with high working interests, 3D seismic coverage and control of key producing infrastructure and are associated with a light oil prospective undeveloped land base. The acquisitions also add several key sections of land in Legacy's Taylorton and Pinto core areas.

The asset acquisition is being conducted pursuant to an acquisition agreement between Legacy and a Canadian senior producer. The acquisition agreement provides for the acquisition by Legacy of partner interests in light oil producing assets, facilities and undeveloped land in its operated core areas of Turner Valley and Taylorton for total consideration of C $57.5 million plus Legacy's minor working interest in the Freda Lake Unit. Legacy has deposited C $5.75 million under the terms of the acquisition agreement, which is refundable to Legacy if the asset acquisition does not close, except in the event of default by Legacy. Closing of the asset acquisition is expected to occur in 2Q 2013 and is subject to certain conditions and the receipt of all regulatory approvals.