LEGACY OIL + GAS INC. ANNOUNCES INCREASE IN BANK LINE

CALGARY, Nov. 12 /CNW/ - Legacy Oil + Gas Inc. ("Legacy")(TSX: LEG) is pleased to announce that its banking syndicate, led by BMO Capital Markets and including National Bank, the Bank of Nova Scotia, ATB Financial, Canadian Imperial Bank of Commerce and Societe Generale (Canada Branch) has increased the borrowing base from the previous $305 million to $340 million. The next interim review is scheduled for April 29, 2011. The increase continues to provide Legacy with significant financial flexibility with which to conduct its operations.

Legacy is a uniquely positioned, technically driven intermediate oil and natural gas company with a proven management team committed to aggressive, cost-effective growth of light oil reserves and production in large hydrocarbon in-place assets and resource plays.  Legacy's common shares trade on the TSX under the symbol LEG.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this RELEASE.

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For further information:

Trent J. Yanko, P.Eng. President + CEO Legacy Oil + Gas Inc. 3900, Bow Valley Square II 205 - 5^th Avenue S.W. Calgary, AB T2P 2V7 Telephone: [phone] Fax: [phone]

Matt Janisch, P.Eng. Vice-President, Finance + CFO Legacy Oil + Gas Inc. 3900, Bow Valley Square II 205 - 5^th Avenue S.W. Calgary, AB T2P 2V7 Telephone: [phone] Fax: [phone]