How it started
Background
Legend was formed using a series of limited partnerships sponsored by two private equity firms, Riverstone Holdings, LLC and the Carlyle Group. Currently, Legend consists of three partnerships with approximately $450 million of equity invested and $110 million of outstanding bank debt.
Legend's combined proved reserves at December 31, 2010 are approximately 250 Bcfe (60% gas and 40% oil) and the current net production is approximately 65,000 Mcfe per day. Legend's operating cash flow is approximately $10 million per month. The Legend management team has been operating in south Texas for over 20 years and, since 2000, has been involved with approximately $2.0 billion of oil and gas property acquisitions and divestures.
Legend Natural Gas III, LP ("LNG III") and Legend Natural Gas IV, LP ("LNG IV") are the proposed acquirers of the oil and gas assets in Santa Fe Field, Brooks County, Texas. Currently, LNG III has $281 million in producing oil and gas assets, producing 65 mmcfe per day. LNG IV has $25.0 million of oil and gas leasehold interests and a $400 million commitment from its private equity fund sponsors. LNG III would acquire 1/3 of Smith Production's interest in the Santa Fe Field and LNG IV would acquire the remaining 2/3 interest. LNG III would be the designated operator.
From Wikipedia’s article on Legend Natural Gas, shared under CC BY-SA 4.0.2