Legacy Oil + Gas Inc. Announces Increase to Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - Feb. 1, 2011) -

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Legacy Oil + Gas Inc. ("Legacy") (TSX:LEG) announces that it has agreed with the underwriters for its bought-deal financing announced today to increase the size of the offering from 6,700,000 common shares to 8,350,000 common shares at a price of $14.95 per common share for gross proceeds of approximately $125 million. The additional proceeds from the increase in the size of the financing will be used for general corporate purposes. All other terms of the financing, including the option granted to the underwriters to purchase an additional 1,005,000 common shares at the offering price within 30 days of closing and the anticipated closing date, remain unamended. If the option is exercised in full, the total gross proceeds of the offering to Legacy will be approximately $140 million.

The financing is being underwritten by a syndicate of underwriters co-led by GMP Securities L.P. and Macquarie Capital Markets Canada Ltd., and including FirstEnergy Capital Corp., BMO Capital Markets, National Bank Financial Inc., Scotia Capital Inc., CanaccordGenuity Corp., Cormark Securities Inc. and Raymond James Ltd.

This press release shall not constitute an offer to sell, nor the solicitation of an offer to buy, any securities in the United States, nor shall there be any sale of securities mentioned in this press release in any state in the United States in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.