SEATTLE, Sept. 5, 2012 /PRNewswire/ -- Legend Oil and
Gas Ltd. (OTC Markets: LOGL) ("Legend", the "Company") is pleased
to announce it has completed Phase 1 of its multi-well drilling
program at the Company's Piqua Property in south eastern
Kansas.
Marshall Diamond-Goldberg,
President of Legend Oil and Gas stated, "Results from the first
four wells are very encouraging as all encountered thicker than
anticipated oil-saturated Squirrel sand at the expected
depths. We will likely test the upper Squirrel independently
to determine its productivity capacity. The upper Squirrel is
productive elsewhere, but has not yet been produced in the
Piqua area, and we believe this
presents a potential production opportunity for the Company."
Completion operations are set to commence this week, with the
logging and perforating of the upper and lower Squirrel
sands. Successful production in the upper Squirrel could add
multiple new drilling and completion opportunities at Piqua which may increase production and
reserve potential on Legend's lease holdings.
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.
Forward-looking Statements:
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 2012 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, 2011 and
its Quarterly Report on Form 10-Q for the quarter ended
March 31, 2012. 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.
Investor Contact
Barry Gross, Investor
Relations
legend@grosscapital.com
361-949-4999
SOURCE Legend Oil and Gas Ltd.