SEATTLE, WA, September 12, 2013 -- Legend Oil and Gas Ltd. (OTCQB: LOGL) ("Legend", the "Company") has completed the drilling of the first four wells in its multi-well development drilling program on its oil property at Piqua, Kansas and has successfully completed and equipped three of these wells. All are now on production at rates that have far exceeded the initial production estimates for the wells. A mechanical issue with the fourth well prevented the frac from being completed effectively; however, a remedial completion is slated to be done shortly as a result of the production performance of the offsetting wells.
Marshall Diamond-Goldberg, President of Legend Oil and Gas, Ltd., stated, "Despite weather delays in the first half of August, we were able to bring the first slate of wells in our 2013 drilling program on line prior to the end of the month. Initially we were getting back mainly 'frac water', however, the three completed wells have now turned to 100% oil and are pumping at rates which have more than doubled the production from the entire Piqua project. Average rates over the first four days of oil production have exceeded 14 BOPD (barrels of oil per day) with no water, for an average per well of close to 5 BOPD.
The Pat Collins lease had been previously developed with only four oil wells on the 320 acre parcel. With inter-well spacing of 2.5 acres and higher than anticipated production rates from the newly drilled wells, the Company estimates that an additional 40 or more wells could be drilled to fully develop the Squirrel reservoir on the lease. Legend has begun the process of permitting the next four locations and expects to spud the first of these wells in early October.
About Legend Oil and Gas Ltd.
Legend Oil and Gas Ltd. is a managed risk, oil and gas exploration/exploitation, development and production company with activities currently focused on leases in Canada, southeastern Kansas and northern North Dakota.
This press release contains forward-looking statements concerning future events and the Company's growth and business strategy. Words such as "expects," "will," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations on such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Forward looking statements in this press release include statements about our drilling development program. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the timing and results of our 2013 drilling and development plan. Additional factors include increased expenses or unanticipated difficulties in drilling wells, actual production being less than our development tests, changes in the Company's business; competitive factors in the market(s) in which the Company operates; risks associated with oil and gas operations in the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission including the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and Form 10Q for the quarter ended March 31, 2013. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as "probable," "possible," "recoverable" or "potential" reserves among others, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to consider closely the disclosure in our filings with the SEC.
Gross Capital, Inc.
SOURCE: Legend Oil and Gas Ltd.