Legacy Reserves 8-K Regulation FD Disclosure

Exhibit 99.1

Legacy Reserves LP

Wachovia MLP Conference

Legacy Reserves
December 10, 2008

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Forward-Looking Statements

Statements made by representatives of Legacy Reserves LP (the “Partnership”) during the course
of this presentation that are not historical facts are forward-looking statements. These statements
are based on certain assumptions made by the Partnership based on management’s experience
and perception of historical trends, current conditions, anticipated future developments and other
factors believed to be appropriate. Such statements are subject to a number of assumptions, risks
and uncertainties, many of which are beyond the control of the Partnership, which may cause
actual results to differ materially from those implied or expressed by the forward-looking
statements. These include risks relating to financial performance and results, availability of
sufficient cash flow to pay distributions and execute our business plan, prices and demand for oil
and natural gas, our ability to replace reserves and efficiently exploit our current reserves, our
ability to make acquisitions on economically acceptable terms, and other important factors that
could cause actual results to differ materially from those anticipated or implied in the forward-
looking statements.Please see the factors described in the Partnership’s Annual Report on Form
10-K and the Quarterly Report on Form 10-Q for the Quarter ended September 30, 2008 in Item 1A
under “Risk Factors”.The Partnership undertakes no obligation to publicly update any forward-
looking statements, whether as a result of new information or future events.

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Legacy Reserves:Investment Thesis

q40% management and insider ownership and no Incentive Distribution Rights creates alignment
of interests

qManagement team members are industry and basin veterans: Petroleum Engineers, CPAs and
MBAs with a proven record of execution

qHedge position provides strong distribution support

qStable distribution in turbulent environment

qOil and gas commodity market fundamentals are compelling in the long term despite the recent
dramatic selloff

qProduction heavily weighted towards oil

qOver $100 million of current availability on credit facility

qAcquisition track record and deal pipeline support distributions - over $400 million of acquisitions
since going public

q100% tax shield in 2007

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Name	Title	Years Experience in the Permian Basin	Years Experience in the Oil & Gas Industry
Cary D. Brown, CPA	Chairman & CEO	16	18
Steven H. Pruett	President & CFO	19	24
Kyle A. McGraw	EVP, Business Development & Land	26	26
Paul T. Horne	EVP, Operations	22	24
William M. Morris, CPA	VP, Controller & CAO	25	27

Senior Management averages over 20 years of experience

William D. Sullivan

Former EVP

Anadarko Petroleum

G. Larry Lawrence

Former Controller

Pure Resources

Kyle D. Vann

Former CEO

Entergy - - Koch, LP

Independent Board Members

William R. Granberry

Former Pres & COO

Tom Brown, Inc.

Legacy Management Team

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Legacy Base Asset Overview

qDiversified across over 3,300
Producing Wells

q77% Operated

qOver 8,400 Net Boepd

q72% Oil and NGL

q86% PDP

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(1) Source: http://www.utpb.edu

Map Source: Midland Map Company.

Stable Platform

Permian Basin Attributes Fit the MLP Model

qOver 24 BBbls produced since
1921

qRepresents 20% of lower 48
states and 68% of Texas oil
production (1)

qMultiple producing formations

qEstablished infrastructure and
ample take-away capacity

qLong-lived reserves

qPredictable, shallow decline
rates

qFragmented ownership

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Legacy 2007-2008 Acquisitions

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Legacy needs to buy 0.1% of target assets annually to accomplish its goals.

Target Assets

$176 Billion

At $100,000 per Boe

Source:Lasser from May-June, 2008

Permian Basin and Texas Panhandle Production

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Financial Summary

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Financial and Operating Data - Latest Twelve Months

qThird quarter performance extends quarterly production growth

q27% distribution increase since IPO in January 2007

q1.2 times year to date coverage

(1)Please see pages 19-20 for non-GAAP measures.

Summary Financial Information

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Note:CAGR = Compound Annual Growth Rate

Quarterly Production and Cash Flow Profile

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Borrowing Capacity / Financing Strategy

qBorrowing base increased to $410 million in November, 2008

qAcquired $214 million of properties in 2008 and $196 million in 2007

qAvailable liquidity, even with expected lowering of bank commodity price forecasts in
the Spring 2009 borrowing base redetermination

qLegacy’s long-term strategy is to fund acquisition program at approximately 50% debt
and equity over time, keeping leverage at moderate levels for financial flexibility

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Development Program Update

q30% of capital budget directed toward higher return, recompletion, reactivation and restimulation
projects

q$27 million expected investment in 2008 capital program

q2008 Project summary:

–2 East Binger Unit infill wells

–10 Spraberry / Wolfcamp wells

–2 Lea Unit wells

–6 Fuhrman Mascho wells

–2 horizontal wells

–4 add pay / stimulation projects in Wolfcamp / Spraberry wells

–Numerous workovers

q$25 million 2009 development capital budget

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(1)WTI oil swaps used to hedge NGL production, 2008 represents Q4 only.

(2)Reflects WAHA and ANR-OK swaps which approximate Legacy’s gas sales indices.

Oil (1)

Natural Gas(2)

Oil and Gas Price Hedging Summary

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Mark-to-Market (MTM), unrealized gains and losses impact reported earnings, but not cash
flow.

Note:LGCY Credit Agreement limits hedging to 85% of PDP forecasted volumes.

Commodity Price Hedging Summary

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GP Interest

<0.1%

Public
Unitholders

41%

144A & PIPE
Unitholders

12%

Sellers of Assets to
Legacy

7%

Founding Investors,
Directors and
Management

40%

Ticker:LGCY

Exchange:NASDAQ

Unit Price (12/3/08):$8.28per unit

Quarterly Distribution:$0.52 per unit

Yield:25%

Market Capitalization:$257 million

Note:Estimated Ownership as of 12/01/08

Legacy Ownership

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Source: Wachovia/Bloomberg/FactSheetmarket data as of Novmeber 28, 2008.

Current Market Yields

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Why Buy Legacy?

qAsset class is trading below Net Asset Value

qYields are compelling; spreads to Treasuries are too wide

qDistribution is supported by long-lived reserves and commodity
hedges

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Adjusted EBITDA & Distributable Cash Flow Reconciliation

This presentation, the financial tables and other supplemental information, including the reconciliations
of certain non-generally accepted accounting principles ("non-GAAP") measures to their nearest
comparable generally accepted accounting principles ("GAAP") measures, may be used periodically by
management when discussing Legacy's financial results with investors and analysts and they are also
available on Legacy's website under the Investor Relations tab.Adjusted EBITDA is defined in our
revolving credit facility as net income (loss) plus interest expense; depletion, depreciation, amortization
and accretion; impairment of long-lived assets; (gain) loss on sale of partnership investment; (gain) loss
on sale of assets; equity in (income) loss of partnerships; non-cash compensation expense and
unrealized (gain) loss on oil and natural gas swaps.  We define Distributable Cash Flows as Adjusted
EBITDA less cash interest expense, cash settlement of unit options, and development capital
expenditures.Adjusted EBITDA and Distributable Cash Flow is presented as management believes it
provides additional information and metrics relative to the performance of Legacy's business, such as
the cash distributions we expect to pay to our unitholders, as well as our ability to meet our debt
covenant compliance tests. Management believes that these financial measures indicate to investors
whether or not cash flow is being generated at a level that can sustain or support an increase in our
quarterly distribution rates. Adjusted EBITDA and Distributable Cash Flow may not be comparable to a
similarly titled measure of other publicly traded limited partnerships or limited liability companies
because all companies may not calculate Adjusted EBITDA and Distributable Cash Flow in the same
manner.

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(1)Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures.

Reconciliation of Net Income to Adjusted EBITDA & Distributable Cash Flow

Adjusted EBITDA and DCF Reconciliation