SEATTLE, WA - December 12, 2013 - Legend Oil and Gas Ltd. (OTCQB: LOGL) ("Legend", the "Company") wishes to announce that it has commenced drilling the next slate of wells in its previously announced multi-well program on its Piqua, Kansas oil leases. Specifically, the Company has permitted 5 new locations on its Patrick Collins lease, a 320 acre lightly drilled parcel, which was initially developed in August of 2013 with four successful new oil wells.
Marshall Diamond-Goldberg, President of Legend Oil and Gas, Ltd., stated, "The success of our August drilling program on the Pat Collins lease, coupled with the increase of our fluid handling capacity at our recently expanded production battery, made the additional development locations an easy decision. The Squirrel reservoir is well developed on the lease and the four wells have averaged approximately 2 BOPD each over the first four months of production; a level higher than expected. As a result, the additional locations should help to increase the Piqua property output while we continue to enhance the water flooding program in order to further enhance the oil recovery from our other leases. In the interim, we are evaluating the drilling opportunities on our recently acquired McCune Kansas property; a series of leases that are currently producing an average of 8 BOPD or about 1 BOPD higher than we had anticipated during our due diligence on this property."
It is expected that each well will be drilled in one to two days with casing and completion to follow as services become available, while the McCune assessment and enhancement planning continues to progress.
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 September 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.