Legacy Oil + Gas Inc. announces closing of note financing with CPPIB Credit Investments Inc. and maintenance of syndicated bank facilities

CALGARY, Nov. 15, 2012 /CNW/ - Legacy Oil + Gas Inc. ("Legacy" or the "Company") (TSX: LEG) is pleased to announce that it has closed the previously announced issuance to CPPIB Credit Investments Inc., ("CII"), a wholly-owned subsidiary of the CPP Investment Board, of US$200 million of unsecured, five year term notes with a 7.5% coupon (the "Notes").  The Notes were issued pursuant to a trust indenture with a Canadian trust company, which provides for an additional US$100 million of notes available at a future date, subject to the approval of both CII and Legacy on terms to be confirmed at the time of issuance.

In addition, the Company is pleased to announce the closing of the semi-annual review of its bank facility with its syndicate of lenders, led by BMO Capital Markets as Administration Agent, and The Bank of Nova Scotia and National Bank of Canada as Co-Syndication Agents and including BMO Capital Markets, The Bank of Nova Scotia, Alberta Treasury Branches, National Bank of Canada, Canadian Imperial Bank of Commerce, The Toronto-Dominion Bank and JP Morgan Chase Bank NA as lenders. The borrowing base was maintained at C$525 million after taking into account the issue of the Notes.

Legacy has applied the net proceeds of the Notes to reduce borrowings under its syndicated credit facility.  The Company has no intent to increase overall leverage, but has pursued the investment by CII for the purposes of increasing liquidity, improving financial flexibility and diversifying its sources of capital.  The introduction of the Notes improves the long term sustainability of Legacy's business model.

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.

SOURCE: Legacy Oil + Gas Inc.

For further information:

Trent J. Yanko, P.Eng.
President + CEO


Legacy Oil + Gas Inc.
4400, 525 - 8th Avenue S.W.
Calgary, AB T2P 1G1


Telephone: 403.441.2300
Fax: 403.441.2017

Matt Janisch, P.Eng.
Vice-President, Finance + CFO


Legacy Oil + Gas Inc.
4400, 525 - 8th Avenue S.W.
Calgary, AB T2P 1G1

Telephone: 403.441.2300
Fax: 403.441.2017