March 18, 2013

NEWS RELEASE

LEGACY OIL + GAS INC. ANNOUNCES YEAR-END RESULTS AND FILES ANNUAL INFORMATION FORM

CALGARY, ALBERTA (March 18, 2013) Legacy Oil + Gas Inc. ("Legacy" or the "Company") (TSX:LEG) is pleased to announce it has filed on SEDAR its audited financial statements and related Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2012 as well as its annual information form ("AIF") for the year ended December 31, 2012. Selected financial and operational information is outlined below and should be read in conjunction with Legacy's audited financial statements, the related MD&A and the AIF which are available for review at www.legacyoilandgas.comor www.sedar.com.

FINANCIAL + OPERATIONAL HIGHLIGHTS OF LEGACY OIL + GAS INC. EXCLUDING LGX OIL + GAS INC. (1) Three Months Ended Year Ended December 31 December 31

(Cdn $000's, except per share amounts) 2012 2011 % change 2012 2011 % change

Financial

Petroleum and natural gas sales, net of royalties 97,093 94,358 3 363,211 300,591 21

Funds generated by operations (2) 59,261 60,310 (2) 222,942 188,852 18

Per share basic 0.41 0.42 (2) 1.56 1.34 16

Per share diluted (3) 0.41 0.42 (2) 1.53 1.32 16

Net income (loss) 1,985 7,231 (73) 528 19,167 (97) Per share basic 0.01 0.05 (80) - 0.14 (100) Per share diluted (3) 0.01 0.05 (80) - 0.13 (100)

Capital expenditures (excluding acquisitions) 68,416 117,754 (42) 312,168 334,783 (7) Net acquisitions (cash consideration) (5) 7,285 1,043 598 12,381 112,589 (89) Net debt and working capital surplus (deficit) (2) (485,613) (376,543) 29 (485,613) (376,543) 29

Operating

Production

Crude oil (Bbls per day) 13,891 11,100 25 12,591 8,984 40

Heavy oil (Bbls per day) 141 209 (33) 171 271 (37) Natural gas (Mcf per day) 12,551 14,018 (10) 13,053 13,557 (4) Natural gas liquids (Bbls per day) 1,315 1,235 6 1,364 1,135 20

Barrels of oil equivalent (Boe per day) (4) 17,439 14,880 17 16,301 12,650 29

Average realized price

Crude oil ($ per Bbl) 81.61 95.39 (14) 84.46 92.82 (9) Heavy oil ($ per Bbl) 62.67 79.54 (21) 67.97 71.24 (5) Natural gas ($ per Mcf) 3.52 3.79 (7) 2.81 4.02 (30) Natural gas liquids ($ per Bbl) 54.51 74.73 (27) 53.99 68.76 (21)

Barrels of oil equivalent ($ per Boe) (4) 72.16 82.03 (12) 72.72 77.93 (7)

Netback ($ per Boe) (2)

Petroleum and natural gas sales 72.16 82.03 (12) 72.72 77.93 (7) Royalties 11.64 13.10 (11) 11.84 12.83 (6) Operating expenses 13.88 16.40 (15) 14.36 15.52 (7)

Transportation expenses 3.00 2.56 17 3.06 2.58 19

Operating Netback ($ per Boe) (2) 43.64 49.97 (13) 43.46 47.00 (8) Undeveloped land holdings (gross acres) 473,010 665,026 (29) 473,010 665,026 (29)

(net acres) 370,605 501,075 (26) 370,605 501,075 (26)

Common Shares (000's)

Common shares outstanding, end of period 143,338 143,259 1 143,338 143,259 1

Weighted average common shares (basic) 143,338 143,259 1 143,338 140,901 2

Weighted average common shares (diluted) (3) 145,622 143,795 1 145,514 143,365 1

4400, Eighth Avenue Place, 525 - 8th Avenue SW, Calgary, AB T2P 1G1 | p: 403.441.2300 | f: 403.441.2017 | www.legacyoilandgas.com

(1) Financial and operating highlights for Legacy Oil + Gas Inc. ("Legacy" or the "Company") excluding LGX Oil + Gas Inc. ("LGX")

(2) Management uses funds generated by operations, net debt and working capital surplus (deficit) and operating netback to analyze operating performance

and leverage. These terms, as presented, do not have a standardized meaning prescribed by International Financial Reporting Standards and therefore it may not be comparable with the calculation of similar measures for other entities.

(3) In calculating the net income (loss) per share diluted, Legacy excludes the effect of outstanding stock options and share war rants outstanding and uses the weighted average common shares (basic) where the Company has a net loss for the period. In calculating, funds generated by operations per share diluted, the Company includes the effect of outstanding stock options and share warrants using the treasury stock method.

(4) Boe means barrel of oil equivalent. All Boe conversions in this report are derived by converting natural gas to oil equivalent at a ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent. Boe may be misleading, particularly if used in isolation. A Boe conver sion rate of 1 Boe : 6 Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio of oil compared to natural gas based on currently prevailing prices is significantly different than the energy equivalency ratio of 1 Boe : 6

Mcf, utilizing a conversion ratio of 1 Boe : 6 Mcf may be misleading as an indication of value.

(5) For the three months ended and year ended December 31, 2012, the Company issued no common shares as part consideration for acquisitions (no common shares for the three months ended December 31, 2011 and 6.2 million common shares valued at $102.7 million for the year ended December 31, 2011).

ACCOMPLISHMENTS