Legacy Reserves LP presented an investor presentation in April 2016. The presentation summarized Legacy's oil and gas reserves, production, hedging positions, and recent financial performance. It noted initiatives to improve Legacy's balance sheet through debt reduction, cost cuts, and potential asset sales, and outlined a preliminary $37 million capital budget for 2016 focused on drilling and recompletions.

1. INVESTOR PRESENTATION
APRIL 2016

2. 2
Certain Disclosures
This presentation contains forward-looking statements. These forward-looking statements can be identified by use of forward-looking
terminology including “may,” “assume,” “estimate,” “project,” “believe,” “plan,” “expect,” “anticipate,” “intend,” “forecast,” “continue” or
other similar words. These statements discuss future operating or financial performance or events. Descriptions of Legacy’s
objectives, goals, targets, plans, strategies, budgets and projected financial and operating performance are also forward-looking
statements. These statements represent our present expectation or beliefs concerning future events and are not guarantees. Such
statements speak only as of the date they are made, and Legacy does not undertake any obligation to update any forward-looking
statement. We caution that forward-looking statements involve risks and uncertainties and are qualified by important factors that could
cause actual events or results to differ materially from those expressed or implied in any such forward-looking statements.
Investors are also urged to consider closely the disclosure relating “Risk Factors” and “Forward-Looking Statements” in Legacy
Reserves LP’s Annual Report on Form 10-K for the year ended December 31, 2015 (the “Annual Report”), and subsequent EDGAR
filings. The Annual Report is available from Legacy’s website at www.legacylp.com. You can also obtain this form from the SEC by
visiting EDGAR.
Legacy continues to evaluate opportunities to improve its balance sheet. Potential future repurchases or cancellations of outstanding
senior notes and/or asset sales by the Company could result in a tax liability for Legacy's unitholders. The effect to each unitholder
would depend on the unitholder's individual tax position with respect to the units. If available, prior year passive losses from a
unitholder's interest in the Company may serve to reduce or eliminate a unitholder's current and future year taxable income and
related income tax liability.

3. Midland, Texas-based Master Limited
Partnership (NASDAQ: LGCY, LGCYP,
LGCYO)
3
Legacy Reserves LP Overview
PV-10 by Region
Reserves by Product 2016E Production by Product
Proved Reserves by Region
Note: Darker shading represents increased reserve concentration
28%
24%
4%
44%
52%
13% 5%
30%
Total Proved - 164 MMBoe Total PV-10 - $695 million
Oil Gas NGL
22%
73%
5%
26%
69%
6%
Permian Basin Rocky Mountain Mid-Continent East Texas

4. 4
Key Financial Covenants
1st Lien Debt / EBITDA: 3.5x through 2016, tapers to 2.5x by Q3’17
EBITDA / Interest: 2.0x from Q2’16 through Q2’17, 2.5x thereafter
Current Ratio: 1.0x
Borrowing Base
Reduced from $900 million to $725 million in February alongside above-referenced financial
covenant changes. Remain subject to Spring redetermination.
Balance Sheet
No Near-Term Debt Maturities
($ in millions) December 31, 2015
Cash and cash equivalents $2.0
Long-term debt:
Revolving credit facility due 2019 $608.0
8% Senior Notes due 2020 $300.0
6.625% Senior Notes due 2021 $550.0
Total Debt $1,458.0
Preferred Equity $237.5
Market Capitalization (4/06/16) $68.8
Total Enterprise Value (TEV) $1,762.3
Borrowing Base $725.0
Liquidity $117.0
$608
$300
$550
0
100
200
300
400
500
600
700
2016 2017 2018 2019 2020 2021
Revolving Credit Facility Senior Notes

5. Natural Gas Hedging Summary(2)
5
Oil and Natural Gas Hedging Summary
(1) Oil hedge prices reflect a weighted average of swap prices.
(2) Natural gas hedge prices reflect a weighted average of NYMEX and Waha index swap prices (excluding basis swaps).
(3) Q4 2015 production of 45,435 Boe/d (26% oil, 6% NGL, 68% natural gas).
Oil Hedging Summary(1)
% Natural Gas Hedged(3) and Hedge Realizations% Oil Hedged(3) and Hedge Realizations
$68.37
$84.75
–
200
400
600
800
1,000
1,200
1,400
1,600
2016 2017 2018
Swaps 3W Collars Enhanced Swaps
$3.40
$3.36 $3.36
$3.36
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
2016 2017 2018 2019
Swaps 3W Collars
$66.66
$73.60
$65.50
$71.10
$75.25
$75.93
$78.16
$68.50
–
5%
10%
15%
20%
25%
30%
35%
$60.00
$62.00
$64.00
$66.00
$68.00
$70.00
$72.00
$74.00
$76.00
$78.00
$80.00
2016 2017 2018
% Hedged at $40 WTI at $50 WTI at $60 WTI
$3.26
$3.22
$3.36 $3.36
$3.34
$3.30
$3.42
$3.38
–
10%
20%
30%
40%
50%
60%
$3.00
$3.25
$3.50
$3.75
2016 2017 2018 2019
% Hedged at $2.00 HH at $2.50 HH at $3.00 HH

6. 6
January Distribution Suspension
Suspended distributions to both “common” and Preferred units
February Bank Amendment
Reduced Borrowing Base
Relaxed Financial Covenants through 6/30/17, though additional improvement in performance
and/or further adjustment to metrics may be needed
Asset Sales
Sold $14.5 million in Q4 2015
Aim to sell $100 million of credit-accretive asset packages by 1H 2016; optimistic about goal
Will sell additional assets on an opportunistic and as-needed basis with goal of improving
balance sheet
Cost Reductions
Continuing efforts to reduce operating and capital costs throughout the business (see pg 9)
Debt Reduction
All-of-the-above aims to reduce debt outstanding
Project to be FCF positive in 2016 with any asset sales enhancing FCF and debt reduction
Recent Events and Current Initiatives to Improve the Balance Sheet

7. 7
Asset Purchases / Swaps
Utilizing little-to-no cash to “core up” select acreage positions via swaps and back-to-back
trades
Completed 12 horizontal JDA wells – Achieved target production levels with
substantial cost savings (see pg 9)
Analyzing results to realize even more efficient operations once the market recovers
Managing the marginal well population through shut-ins and divestitures
Commenced East Texas recompletion program
Excellent results imply accretive development opportunities in the current gas pricing
environment with significant upside when the market recovers
Recent Events and Current Initiatives to Create Value

8. 8
LGCY operates ~90% of its capital budget and, with no long-term service contracts,
maintains great flexibility in its capital deployment opportunities
Preliminary 2016 Capital Budget
$37.0 million Preliminary Capital Budget
30.0%
20.0%20.0%
30.0%
% of Total Net Capital Program
Horizontal Permian Drilling Other Workovers
CO2 + Other Facilities East Texas (Workovers, G&P, Facilities)

9. $53.2
$40.7
–
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
Q4'14 Q4'15
49%
51%
51%
49%
$7.0
$5.7
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
Budget Actual
Drilling Completion
38
23
–
5
10
15
20
25
30
35
40
Budget Actual
9
Successful Cost Reduction Efforts
By re-engineering our operational
techniques and squeezing down costs
from third-party service providers, we
lowered operating expenses by 23%
from Q4’14 to Q4’15(1)
Avg. Gross D&C Cost per Well (12
Horizontal JDA Wells)
(19%)
Average Drilling Days (12 Horizontal JDA
Wells)
(39%)
Q4’15 vs. Q4’14 LOE Comparison(1)
(23%)
(1) Excludes impact from Q3’15 East Texas acquisitions.

10. 10
Target acreage includes ~6,000 net acres across 3 Blocks
AMI includes broader Permian horizontal development
JDA Acreage
Lea Unit /
Hamon
(2,312
Net Acres) RTF
(1,413 Net
Acres)
University
(2,346
Net Acres)
Joint Development Agreement provides significant cost-effective drilling
opportunities

11. $492 million of acquisitions of mature, low-decline,
gas-weighted PDP properties & midstream assets in
East Texas
Approximately 504 Bcfe of Proved Reserves (100% gas;
95% PDP); 1,488 wells (97% operated by value)
87 Mmcfe/d current production (15.9 R/P)
Upside
89,000 net acres in Anderson, Freestone, Leon,
Limestone and Robertson Counties, TX (96% HBP)
15,300 net acres in Shelby County (100% HBP)
Approximately 350 low-risk, low-cost recompletions further
reduce projected decline
Stacked pay across numerous horizons offers tremendous
optionality in high gas price environment
Midstream
567 miles of high-pressure pipeline & low-pressure
gathering
500 Mmcf/d processing plant (<25% utilization rate)
11
East Texas and Bolt-on Acquisitions Overview – Ideal MLP Assets
Limestone
Robertson
Leon
Freestone
Anderson