SEATTLE, WA - October 10, 2013 - Legend Oil and Gas Ltd. (OTCQB: LOGL) ("Legend", the "Company") is pleased to announce that effective October 7, 2013 the Company has hired Northpoint Energy Partners of Atlanta, GA ("Northpoint"), to act as its advisor in assisting Legend to attract equity and debt financing for the Company's acquisition and development drilling initiatives, as well as to advise on potential future acquisitions of new producing properties to add to the growing production base already in place.
Legend has identified a number of additional drilling locations on its Piqua property resulting from its recent successful drilling program, which is ongoing. The Company has also identified a number of reasonably priced and high impact acquisition opportunities in south-eastern Kansas close to its current asset base.
Marshall Diamond-Goldberg, President of Legend Oil and Gas, Ltd., stated, "As Legend's mandate is to expand its production and cash flow base through acquisition and development drilling and the fact that Northpoint has had a successful track record in attracting equity capital to the micro-cap E&P sector, it was an easy decision to engage the firm. We look forward to leveraging Northpoint's experience and relationships toward increasing our capital base, our production base and, ultimately our net cash flow through this partnership as acquisitions are made and capital is deployed. As well, Northpoint will be instrumental in assisting Legend to get its 'story' out to the market through its investor network and through its joint participation in various market events."
Legend is also pleased to report that September production rates averaged almost 20 BOPD at Piqua, an increase of over 80% from its average production prior to its recent drilling program. Increased cash flow from Piqua will help move the property to a position of development financing through cash flow.
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 June 30, 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.
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SOURCE: Legend Oil and Gas Ltd.