Legacy Reserves has its sights set on creating its very own prosperous legacy. The independent oil and gas company explores for oil and gas deposits in the Permian Basin of West Texas and southeast New Mexico and exploits those resources. In Legacy Reserves has proved reserves of 37.1 million barrels of oil equivalent (72% oil and natural gas liquids; 84% proved developed). In 2011 the company acquired a 126-well Permian Basin natural gas property for $66.1 million. Legacy Reserves was formed in 2005 to own and operate the oil and natural gas properties that it acquired from the Moriah Group, the Brothers Group, and MBN Properties.