This document contains forward-looking statements that are subject to a number of risks and uncertainties, many of which are beyond our control, which may include statements about:

•our business strategy;

•the amount of oil and natural gas we produce;

•the price at which we are able to sell our oil and natural gas production;

•our ability to acquire additional oil and natural gas properties at economically attractive prices;

•our drilling locations and our ability to continue our development activities at economically attractive costs;

•            the level of our lease operating expenses, general and
             administrative costs and finding and development costs, including
             payments to our general partner;

•the level of capital expenditures;

•the level of cash distributions to our unitholders;

•our future operating results; and

•our plans, objectives, expectations and intentions.

All of these types of statements, other than statements of historical fact included in this document, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursue," "target," "continue," the negative of such terms or other comparable terminology.

The forward-looking statements contained in this document are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. In addition, management's assumptions about future events may prove to be inaccurate. All readers are cautioned that the forward-looking statements contained in this document are not guarantees of future performance, and our expectations may not be realized or the forward-looking events and circumstances may not occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to factors described in Legacy's Annual Report on Form 10-K for the year ended December 31, 2011 in Item 1A under "Risk Factors." The forward-looking statements in this document speak only as of the date of this document; we disclaim any obligation to update these statements unless required by securities law, and we caution you not to rely on them unduly.

Because of our rapid growth through acquisitions and development of properties, historical results of operations and period-to-period comparisons of these results and certain financial data may not be meaningful or indicative of future results.

Acquisitions have been financed with a combination of proceeds from bank borrowings, issuances of units and cash flow from operations. Post-acquisition activities are focused on evaluating and developing the acquired properties and evaluating potential add-on acquisitions.

Our revenues, cash flow from operations and future growth depend substantially on factors beyond our control, such as economic, political and regulatory developments and competition from other sources of energy. Oil and natural gas prices historically have been volatile and may fluctuate widely in the future.

Sustained periods of low prices for oil or natural gas could materially and adversely affect our financial position, our results of operations, the quantities of oil and natural gas reserves that we can economically produce, our access to capital and the amount of our cash distributions.

We face the challenge of natural production declines. As initial reservoir pressures are depleted, oil and natural gas production from a given well or formation decreases. We attempt to overcome this natural decline by acquiring more reserves than we produce, drilling to find additional reserves, utilizing multiple types of recovery techniques such as secondary (waterflood) and tertiary (CO2 and nitrogen) recovery methods to re-pressure the reservoir and recover additional oil, re-completing or adding pay in existing wellbores and improving artificial lift. Our future growth will depend on our ability to continue to add reserves in excess of production. We will maintain our focus on adding reserves through acquisitions and exploitation projects. Our ability to add reserves through acquisitions and exploitation projects is dependent upon many factors including our ability to raise capital, competitively bid on acquisitions, obtain regulatory approvals and contract drilling rigs and personnel.

Our revenues are highly sensitive to changes in oil and natural gas prices and to levels of production. As set forth under "Investing Activities" below, we have entered into oil and natural gas derivatives designed to mitigate the effects of price fluctuations covering a significant portion of our expected production, which allows us to mitigate, but not eliminate, oil and natural gas price risk. We continuously conduct financial sensitivity analyses to assess the effect of changes in pricing and production. These analyses allow us to determine how changes in oil and natural gas prices will affect our ability to execute our capital investment programs and to meet future financial obligations. Further, the financial analyses allow us to monitor any impact such changes in oil and natural gas prices may have on the value of our proved reserves and their impact, if any, on any redetermination of our borrowing base under our revolving credit facility.

Legacy does not specifically designate derivative instruments as cash flow hedges; therefore, the mark-to-market adjustment reflecting the unrealized gain or loss associated with these instruments is recorded in current earnings.

We strive to increase our production levels to maximize our revenue and cash available for distribution. Additionally, we continuously monitor our operations to ensure that we are incurring operating costs at the optimal level. Accordingly, we continuously monitor our production and operating costs per well to determine if any wells or properties should be shut-in or re-completed.

Such costs include, but are not limited to, the cost of electricity to lift produced fluids, chemicals to treat wells, field personnel to monitor the wells, well repair expenses to restore production, well workover expenses intended to increase production, and ad valorem taxes. We incur and separately report severance taxes paid to the states in which our properties are located. These taxes are reported as production taxes and are a percentage of oil and natural gas revenue. Ad valorem taxes are a percentage of property valuation and are reported with production costs. Gathering and transportation costs are generally borne by the purchasers of our oil and natural gas as the price paid for our products reflects these costs. We do not consider royalties paid to mineral owners an expense as we deduct hydrocarbon volumes owned by mineral owners from the reported hydrocarbon sales volumes.

                                 Operating Data

The following table sets forth selected unaudited financial and operating data
of Legacy for the periods indicated.

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                                             Three Months Ended             Six Months Ended
                                                  June 30,                      June 30,
                                            2012            2011           2012           2011
                                                   (In thousands, except per unit data)
Revenues:
Oil sales                               $    65,787     $   73,569     $  141,925     $  132,834
Natural gas liquid sales                      3,524          4,722          7,250          8,972
Natural gas sales                             9,851         14,544         22,634         23,797
Total revenue                           $    79,162     $   92,835     $  171,809     $  165,603

Expenses:
Oil and natural gas production          $    23,877     $   20,982     $   46,859     $   42,479
Ad valorem taxes                              2,529          2,456     $    4,435     $    4,716
Total oil and natural gas production    $    26,406     $   23,438     $   51,294     $   47,195
Production and other taxes              $     4,687     $    5,533     $    9,904     $    9,890
General and administrative              $     5,161     $    4,455     $   11,611     $   10,813
Depletion, depreciation,
amortization and accretion              $    25,370     $   22,146     $   48,209     $   41,706

Realized commodity derivative
settlements:
Realized losses on oil derivatives      $    (6,855 )   $   (8,852 )   $  (13,057 )   $   (9,992 )
Realized gains on natural gas
derivatives                             $     4,817     $    2,565     $    8,967     $    5,381

Production:
Oil (MBbls)                                     790            759          1,578          1,435
Natural gas liquids (MGal)                    3,626          3,456          7,116          6,773
Natural gas (MMcf)                            2,545          2,248          5,203          3,849
Total (MBoe)                                  1,301          1,216          2,615          2,238
Average daily production (Boe/d)             14,297         13,363         14,368         12,365

Average sales price per unit
(excluding derivatives):
Oil price (per Bbl)                     $     83.27     $    96.93     $    89.94     $    92.57
Natural gas liquid price (per Gal)      $      0.97     $     1.37     $     1.02     $     1.32
Natural gas price (per Mcf)             $      3.87     $     6.47     $     4.35     $     6.18
Combined (per Boe)                      $     60.85     $    76.34     $    65.70     $    74.00

Average sales price per unit
(including realized derivative
gains/losses):
Oil price (per Bbl)                     $     74.60     $    85.27     $    81.67     $    85.60
Natural gas liquid price (per Gal)      $      0.97     $     1.37     $     1.02     $     1.32
Natural gas price (per Mcf)             $      5.76     $     7.61     $     6.07     $     7.58
Combined (per Boe)                      $     59.28     $    71.17     $    64.14     $    71.94

NYMEX oil index prices per Bbl:
Beginning of period                     $    103.02     $   106.72     $    98.83     $    91.38
End of period                           $     84.96     $    95.42     $    84.96     $    95.42

NYMEX gas index prices per Mcf:
Beginning of period                     $      2.13     $     4.39     $     2.99     $     4.41
End of period                           $      2.82     $     4.37     $     2.82     $     4.37

Average unit costs per Boe:
Oil and natural gas production          $     18.35     $    17.25     $    17.92     $    18.98
Ad valorem taxes                        $      1.94     $     2.02     $     1.70     $     2.11
Production and other taxes              $      3.60     $     4.55     $     3.79     $     4.42
General and administrative              $      3.97     $     3.66     $     4.44     $     4.83
Depletion, depreciation, amortization
and accretion                           $     19.50     $    18.21     $    18.44     $    18.64

Three-Month Period Ended June 30, 2012 Compared to Three-Month Period Ended June 30, 2011

Legacy's revenues from the sale of oil were $65.8 million and $73.6 million for the three-month periods ended June 30, 2012 and 2011, respectively. Legacy's revenues from the sale of NGLs were $3.5 million and $4.7 million for the three-month periods ended June 30, 2012 and 2011, respectively. Legacy's revenues from the sale of natural gas were $9.9 million and $14.5 million for the three-month periods ended June 30, 2012 and 2011, respectively. The $7.8 million decrease in oil revenues reflects the decrease in average realized price of $13.66 per Bbl (14%) partially offset by an increase in oil production of 31 MBbls (4%). This decrease in average realized oil price was caused not only by a decrease in the average West Texas Intermediate ("WTI") crude oil price (approximately 9%), but also by a significant increase in the Midland-to-WTI crude oil differential for the three-month period ended June 30, 2012. This increase in production is due to Legacy's purchase of additional oil and natural gas properties during the latter half of 2011 and the first half of 2012. The $1.2 million decrease in NGL sales reflects a decrease in the average realized price of $0.40 per gallon (29%) partially offset by an increase in NGL production of approximately 170 MGals (5%) due to Legacy's purchase of additional oil and natural gas properties during the latter half of 2011 and the first half of 2012. The $4.7 million decrease in natural gas revenues reflects a decrease in average realized natural gas prices partially offset by an increase in natural gas production. Our natural gas production increased approximately 297 MMcf (13%) due to Legacy's purchase of additional oil and natural gas properties. Legacy's average realized natural gas price decreased by $2.60 per Mcf (40%), which reflects declining NYMEX natural gas prices and declining NGL prices. We primarily report and account for our Permian Basin natural gas volumes inclusive of the NGL content contained with those natural gas volumes. Given the price disparity between an equivalent amount of NGLs compared to natural gas, our realized natural gas prices in the Permian Basin and for Legacy as a whole are substantially higher than NYMEX Henry Hub natural gas prices due to the NGL content.

For the three-month period ended June 30, 2012, Legacy recorded $84.4 million of net gains on oil and natural gas derivatives comprised of realized losses of $2.0 million from net cash settlements of oil and natural gas derivative contracts and net unrealized gains of $86.4 million. Unrealized gains and losses represent a current period mark-to-market adjustment for commodity derivatives that will be settled in future periods. Legacy had unrealized net gains of $93.4 million from oil derivatives primarily because oil futures prices decreased during the three-month period ended June 30, 2012. Unlike at March 31, 2012, the average contract prices of Legacy's outstanding oil derivatives exceeded oil futures prices at June 30, 2012, which changed the associated net liability at March 31, 2012 to a net asset at June 30, 2012, resulting in the recording of the corresponding unrealized gain. Legacy had unrealized net losses from natural gas derivatives of $7.0 million because the NYMEX natural gas futures prices increased during the three-month period ended June 30, 2012. Due to this increase in natural gas prices during the quarter, the positive differential between the average contract prices of Legacy's natural gas derivatives and NYMEX prices decreased. Accordingly, the net asset attributable to Legacy's outstanding natural gas derivatives decreased, resulting in the recording of the corresponding unrealized loss. For the three-month period ended June 30, 2011, Legacy recorded $35.6 million of net gains on oil and natural gas derivatives, comprised of realized losses of $6.3 million from net cash settlements of oil and natural gas derivative contracts and net unrealized gains of $41.9 million.

Legacy's oil and natural gas production expenses, excluding ad valorem taxes, increased to $23.9 million ($18.35 per Boe) for the three-month period ended June 30, 2012 from $21.0 million ($17.25 per Boe) for the three-month period ended June 30, 2011. Production expenses increased primarily due to the acquisition of oil and natural gas properties and, to a lesser extent, expenses associated with Legacy's development activities and industry-wide cost increases. As we have historically realized a lag in production costs relative to product prices, the recent decline in oil prices has not yet been fully reflected in the costs of goods and services. Legacy's ad valorem tax expense remained relatively unchanged at $2.5 million ($1.94 per Boe) for the three-month period ended June 30, 2012 compared to $2.5 million ($2.02 per Boe) for the three-month period ended June 30, 2011.

Legacy's production and other taxes were $4.7 million and $5.5 million for the three-month periods ended June 30, 2012 and 2011, respectively. Production and other taxes decreased primarily as a result of lower realized commodity prices partially offset by higher production volumes, as production and other taxes as a percentage of revenue remained largely unchanged.

Legacy's general and administrative expenses were $5.2 million and $4.5 million for the three-month periods ended June 30, 2012 and 2011, respectively. General and administrative expenses increased $0.7 million as increases in salaries and benefits related to the hiring of additional personnel was largely offset by a decrease in unit-based compensation of $0.5 million.

Legacy's depletion, depreciation, amortization and accretion expense, or DD&A, was $25.4 million and $22.1 million for the three-month periods ended June 30, 2012 and 2011, respectively. DD&A increased primarily due to increased

production from our development activities and recent acquisitions, as well as proportionate increases in cost basis. These increases were partially offset by increased reserve volumes related to our acquisitions and development activities.

Impairment expense was $14.0 million and $0.1 million for the three-month periods ended June 30, 2012 and 2011, respectively. In the three-month period ended June 30, 2012, Legacy recognized $6.2 million of impairment expense on 15 separate producing fields primarily related to lower oil prices at June 30, 2012 compared to March 31, 2012, which reduced the future expected cash flows. The remaining $7.8 million represents the impairment of goodwill recognized on an acquisition of oil and natural gas properties during the three-month period ended June 30, 2012. Legacy entered into a purchase and sale agreement with a third party to acquire certain oil and natural gas properties, the purchase price of which was negotiated as of the date of the agreement. During the period between the agreement date and the date of closing the acquisition, oil futures prices declined significantly, thereby reducing the fair value of the properties acquired at the date of close. Since the oil derivatives we entered into on the agreement date related to expected production from these properties constitute separate transactions they do not affect the associated fair value of the oil and natural gas properties acquired. Because the purchase price exceeded the fair value of the properties acquired, goodwill was recognized and subsequently tested for impairment. As of June 30, 2012, all of the goodwill associated with this acquisition has been impaired. Impairment expense for the period ended June 30, 2011, was related to reserve valuation adjustments on properties acquired in late 2010.

Legacy recorded interest expense of $4.6 million and $6.5 million for the three-month periods ended June 30, 2012 and 2011, respectively. Interest expense decreased approximately $1.9 million primarily due to a reduction in the mark-to-market adjustment of our interest rate swap derivatives consisting of a $0.5 million reduction in interest expense for the three-month period ended June 30, 2012, compared to a $1.4 million increase in interest expense for the three-month period ended June 30, 2011.

Six-Month Period Ended June 30, 2012 Compared to Six-Month Period Ended June 30, 2011

Legacy's revenues from the sale of oil were $141.9 million and $132.8 million for the six-month periods ended June 30, 2012 and 2011, respectively. Legacy's revenues from the sale of NGLs were $7.3 million and $9.0 million for the six-month periods ended June 30, 2012 and 2011, respectively. Legacy's revenues from the sale of natural gas were $22.6 million and $23.8 million for the six-month periods ended June 30, 2012 and 2011, respectively. The $9.1 million increase in oil revenues reflects the increase in oil production of 143 MBbls (10%) which was partially offset by the decrease in average realized price of $2.63 per Bbl (3%), primarily due to increased oil differentials during the six-month period ended June 30, 2012. This increase in production is due primarily to Legacy's purchase of additional oil and natural gas properties during the latter half of 2011 and the first half of 2012 as well as Legacy's ongoing development activities that are focused in the Permian Basin, primarily the Wolfberry play. The $1.7 million decrease in NGL sales reflects a decrease in the average realized price of $0.30 per gallon (23%) partially offset by an increase in NGL production of approximately 343 MGals (5%) due primarily to Legacy's purchase of additional oil and natural gas properties during the latter half of 2011 and the first and second quarters of 2012 and Legacy's ongoing development activities. The $1.2 million decrease in natural gas revenues reflects a decrease in average realized prices partially offset by an increase in natural gas production. Our natural gas production increased approximately 1,354 MMcf (35%) due primarily to Legacy's purchase of additional oil and natural gas properties as well as Legacy's ongoing development activities that are primarily focused in the Permian Basin, specifically the Wolfberry play, in which we produce primarily oil but also a significant amount of NGL-rich, casinghead natural gas. Legacy's average realized natural gas price decreased by $1.83 per Mcf (30%), which reflects declining NYMEX natural gas prices and declining NGL prices. We primarily report and account for our Permian Basin natural gas volumes inclusive of the NGL content contained with those natural gas volumes. Given the price disparity between an equivalent amount of NGLs compared to natural gas, our realized natural gas prices in the Permian Basin and for Legacy as a whole are substantially higher than NYMEX Henry Hub natural gas prices due to the NGL content.

For the six-month period ended June 30, 2012, Legacy recorded $61.3 million of net gains on oil and natural gas derivatives comprised of realized losses of $4.1 million from net cash settlements of oil and natural gas derivative contracts and net unrealized gains of $65.4 million. Unrealized gains and losses represent a current period mark-to-market adjustment for commodity derivatives that will be settled in future periods. Legacy had unrealized net gains of $70.1 million from oil derivatives because oil futures prices decreased during the six-month period ended June 30, 2012. Unlike at December 31, 2011, the average contract prices of Legacy's outstanding oil derivatives exceeded oil futures prices at June 30, 2012, which changed the associated net liability at December 31, 2011 to a net asset at June 30, 2012, resulting in the recording of the corresponding unrealized gain. Legacy had unrealized net losses from natural gas derivatives of $4.8 million because the decline in NYMEX natural gas futures prices during the six-month period ended June 30, 2012 was more than offset by the addition of natural gas derivatives contracts at lower prices, which reduced Legacy's average derivative contract prices. Since the reduction of Legacy's average contract prices of its outstanding natural gas derivatives was greater than the reduction in NYMEX natural gas futures prices during the six-month period ended June 30, 2012, the positive differential between Legacy's

natural gas derivatives and NYMEX prices decreased, which reduced the net asset attributable to unrealized net gains from Legacy's outstanding natural gas derivatives and resulted in the recording of the corresponding unrealized loss. For the six-month period ended June 30, 2011, Legacy recorded $39.9 million of net losses on oil and natural gas derivatives, comprised of realized losses of $4.6 million from net cash settlements of oil and natural gas derivative contracts and net unrealized losses of $35.2 million.

Legacy's oil and natural gas production expenses, excluding ad valorem taxes, increased to $46.9 million ($17.92 per Boe) for the six-month period ended June 30, 2012 from $42.5 million ($18.98 per Boe) for the six-month period ended June 30, 2011. Production expenses increased primarily due to the purchases of oil and natural gas properties and, to a lesser extent, expenses associated with Legacy's development activity and industry-wide cost increases. Additionally, Legacy's production expense per Boe decreased to $17.92 for the six month period ended June 30, 2012 from $18.98 per Boe for the six month period ended June 30, 2011. This decrease on a per Boe basis was primarily caused by two factors. Initially, production was 17% higher for the six month period ended June 30, 2012 compared to the same period in 2011. The 2012 production amounts included six months of production from acquisitions of natural gas properties, which typically have lower operating costs per Boe than oil properties, acquired during 2011. In addition, production expenses per Boe were adversely affected during the six month period ended June 30, 2011 due to lower sales volumes driven by extremely cold weather in the Permian Basin during the first quarter of 2011. Legacy's ad valorem tax expense decreased to $4.4 million ($1.70 per Boe) for the six-month period ended June 30, 2012, from $4.7 million ($2.11 per Boe) for the six-month period ended June 30, 2011.

Legacy's production and other taxes were $9.9 million and $9.9 million for the six-month periods ended June 30, 2012 and 2011, respectively. Production and other taxes remained unchanged as production and other taxes as a percentage of revenue remained largely unchanged.

Legacy's general and administrative expenses were $11.6 million and $10.8 million for the six-month periods ended June 30, 2012 and 2011, respectively. General and administrative expenses increased $0.8 million as increases in salaries and benefits related to the hiring of additional personnel was primarily offset by a decrease in unit-based compensation of $0.9 million.

Legacy's depletion, depreciation, amortization and accretion expense, or DD&A, was $48.2 million and $41.7 million for the six-month periods ended June 30, 2012 and 2011, respectively. DD&A increased primarily because of increased production from our development activities and recent acquisitions, as well as proportionate increases in cost basis. These increases were partially offset by increased reserve volumes related to our acquisitions, development activities and higher average commodity prices.

Impairment expense was $15.3 million and $1.2 million for the six-month periods ended June 30, 2012 and 2011, respectively. In the six-month period ended June 30, 2012, Legacy recognized $7.5 million of impairment expense on 24 separate producing fields primarily related to lower oil and natural gas prices at June 30, 2012, which reduced the future expected cash flows. The remaining $7.8 million is the impairment of goodwill recognized on an acquisition of oil and natural gas properties during the six-month period ended June 30, 2012. Legacy entered into a purchase and sale agreement with a third party to acquire certain oil and natural gas properties, the purchase price of which was . . .