SEATTLE, May 1, 2013 /PRNewswire/ -- Legend Oil
and Gas Ltd. (OTC Markets: LOGL) ("Legend", the
"Company") is pleased to announce that it has successfully
negotiated a Settlement and Termination Agreement which terminates
"PUT" rights held by International Sovereign Energy Corp., now
known as Wi2Wi Corporation. This removes a major burden on
Legend's ability to finance current and future opportunities. The
execution of this agreement permanently removes a contingent
liability which Legend was required to carry on its balance sheet
of $47,764,927.
Marshall Diamond-Goldberg,
President of Legend Oil and Gas, Ltd., stated, "The termination of
this 'PUT' is a major step forward for our Company, and opens up
the potential for Legend to raise necessary capital for growth
opportunities that currently exist but have, to date, gone
unfunded. The large liability on our books created the perception
to the investment community of the high risk nature of investing in
Legend. With the termination of 'PUT' rights, our balance sheet has
been cleaned up and we can move forward to raise the capital
necessary to embark on our robust development drilling and field
optimization plans."
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.
Investor Contact
Gross Capital,
Inc.
Barry Gross, Investor
Relations
legend@grosscapital.com
361-949-4999
Equiti-Trend Advisors, LLC
Brian
Barnes
bbarnes@equititrend.com
800-953-3350
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 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. 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.
SOURCE Legend Oil and Gas Ltd.