SEATTLE, Oct. 3, 2012 /PRNewswire/ -- Legend Oil and
Gas Ltd. (OTC Markets: LOGL) ("Legend", the "Company") wishes to
update the production results on the Company's Piqua Property in
south eastern Kansas.
Marshall Diamond-Goldberg,
President of Legend Oil and Gas stated, "Production commenced on
the four wells drilled on the Gillespie and Cress leases as of
September 19th. Initial
production volumes have been higher than expected with total
incremental production volume from the four wells averaging 2.5
BOPD per well. Total production has exceeded 20 BOPD on the
Piqua property since September 24th. With both the
Pat Collins and Orth leases currently shut-in due to mechanical
issues, the higher than expected incremental production has been
gratifying. These results have further diminished the risk of
additional drilling planned by the Company over the next several
months."
The thickness of the Squirrel reservoir in the Gillespie wells
was greater than expected, opening additional drilling locations on
that lease. At Cress, sustainment of current production
numbers may lead to additional drilling locations as well.
The Company is currently preparing its next tranche of wells to
be drilled as soon as services are lined up.
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
June 30, 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.