Legend Oil and Gas Ltd. Permits Five New Locations
SEATTLE, WA--(Marketwired - Nov 6, 2013) - Legend Oil and Gas Ltd. (OTCQB: LOGL) ("Legend," the "Company") is pleased to announce that the Company has permitted five new drilling locations on the Patrick Collins Lease at its Piqua Kansas oil property. The wells, part of an overall 12 well development program, constitute the second tranche of drilling on the Pat Collins Lease. Legend holds a 100% working interest (87.5% Net Revenue Interest) on the parcel. Drilling is expected to commence within the next two weeks as wet weather subsides and Legend's drilling contractor becomes available.
Marshall Diamond-Goldberg, President of Legend Oil and Gas, Ltd., stated, "The Pat Collins Lease was always looked upon as a potential jewel on the Piqua Kansas property and the success of the first four wells on the 320 acre parcel certainly suggests that significant additional drilling is warranted. The first four wells have exceeded our expectations for production volumes. We have used the information from these recent wells to high grade this next group of development locations and have also enhanced the production battery by replacing the gun barrel (oil treatment vessel) and adding a larger oil production tank to handle the increased volumes. Current average production at Piqua exceeds 20 BOPD (barrels of oil per day) up from the 10-12 BOPD average previously."
Legend is also continuing with its ongoing program of enhanced recovery on its more mature leases through the planning and execution of its water flooding initiatives. The program has been successful in increasing production on the John Ellis lease and will be evaluated for expansion on the Orth/Gillespie lease as well.
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 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.