Legacy Reserves LP Q4 2009 Earnings Call Transcript

Ladies and gentlemen, thank you for standing by. Welcome to the Legacy Reserves fourth quarter and 2009 annual results conference call. Your speakers for today are Cary Brown, Chairman and Chief Executive Officer and Steve Pruett, President and Chief Financial Officer. At this time, all participants are in a listen-only mode. Following the call, there will be a question-and-answer session.

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As a reminder, this crepes call is being recorded today, March 4, 2010. Thank you for joining us. Good afternoon and welcome to Legacy Reserves LP fourth quarter and 2009 annual earnings call. Before we begin, we would like to remind you that during the course of this call, Legacy management will make certain statements concerning the future performance of Legacy and other statements that will be forward-looking statements as defined by securities laws. These statements reflect our current views with regard to the future events and are subject to various risks, uncertainties and assumptions. [Read the full article]

Pioneer Drilling Co. said it will raise $234.8 million in a sale of senior unsecured notes.

The San Antonio, Texas oil and gas driller said it would use the money to help repay company debt. The sale is expected to close on March 11.

Late last year, Pioneer priced a share offering of 3.82 million newly issued shares of common stock at a public offering price of $6.75 per share.

The notes announced this week, which are due in 2018, bear interest at a rate of 9.875 percent per year. [Read the full article]

Petroflow Energy Ltd. (“Petroflow” or the “Company”) today announced that it has given notice of termination as part of its continued G&A reduction plan, to Sandy Andrew, President & COO, Kevin Davis, SVP, Louis Schott, VP of land and In-house Counsel, and Sally Fletchinger, Corporate Controller, pursuant to their respective employment contracts. Their effective last day will be March 31, 2010. Each of the individuals has an employment agreement with the Company which provides for severance payments in the event the personnel are terminated in specified circumstances. The collective amount of these severance payments is approximately $1.7 million. Petroflow has sufficient personnel and outside contractor support to continue to run the Company. Petroflow continues to work with its creditors on improving its financial situation. [Read the full article]

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