Legacy Reserves Inc. ("Legacy", and collectively with its subsidiaries, the "Company") announced that the Company has entered into forbearance agreements (the "Forbearance Agreements") with its lenders under its reserve based revolving credit facility ("RBL Lenders") and its lenders under its second lien term loan ("Second Lien Lenders"). The loans provided under the revolving credit facility matured on May 31, 2019. Legacy also announced that it has elected not to make its interest payments on June 3, 2019 (the "June Interest Payments") with respect to its outstanding (i) 8% senior notes due 2020, (ii) 6.625% senior notes due 2021, and (iii) 8% convertible senior notes due 2023 (collectively, the "Unsecured Notes"). Non-payment of this interest is not an event of default under the indentures governing the Unsecured Notes, but would become an event of default if the payments are not made within 30 days. Under the terms of the Forbearance Agreements, the RBL Lenders and Second Lien Lenders have agreed to forbear from exercising any and all remedies available to them in respect of (i) any event of default arising from the maturity of the revolving credit facility on May 31, 2019 and (ii) any event of default arising from Legacy not making the June Interest Payments. Additionally, the Second Lien Lenders have agreed to further extend the waiver of the covenant that required Legacy to deliver audited financial statements without a "going concern" or like qualification or exception. The forbearance period extends through 5:00 p.m. (ET) on June 7, 2019, and will terminate upon the earlier of the end of the forbearance period or the occurrence of a specified forbearance termination event.