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Legacy Reserves Selects Triple Point to Ensure FAS 157 Compliance

Triple Point Technology®, the leading global provider of multi-market commodity and enterprise risk management software solutions, announced today that Legacy Reserves LP (NASDAQ: LGCY), an independent oil and natural gas limited partnership with proved reserves of 32.1 MMBOE, has selected Triple Point’s Commodity XL for Fair Value Disclosure™ to perform independent, credit-adjusted mark-to-market (MTM) and fair value level assignment for its energy commodity derivative transactions.

Headquartered in Midland, Texas, Legacy focuses on the acquisition and development of oil and natural gas properties primarily located in the Permian Basin and Mid-Continent regions of the United States. Formed in October 2005 to own and operate oil and natural gas properties acquired from the Moriah Group, the Brothers Group, H2K Holdings Ltd. and MBN Properties LP, Legacy has grown rapidly through the acquisition of oil producing and natural gas properties and the exploitation of proved properties.

Legacy uses financial collars and swaps to hedge price movements in natural gas, crude oil and NGLs (Natural Gas Liquids). Triple Point’s fair value disclosure software provides the company with the tools and systems to ensure consistency and comparability of fair value measurements and the disclosure of credit-adjusted mark-to-market assumptions and valuations for both assets and liabilities by counterparty. Additionally, Commodity XL for Fair Value Disclosure provides Level 3 roll-forward activity and schedules and enables Legacy to track position by counterparty and perform sensitivity analysis.

“Today’s unforgiving regulatory environment requires a higher level of business transparency and verifiability of accounting figures,” said Elie Zabal, Triple Point’s senior vice president of treasury management and regulatory compliance solutions. “Commodity XL provides Legacy with the framework to produce the consistent and transparent disclosures of its mark-to-market techniques and worth of hard-to-value instruments that regulators demand.”