Atlanta, Aug. 12, 2014 (GLOBE NEWSWIRE) -- ("Legend", the "Company") is pleased to announce that the
Company has now completed the drilling of the second tranche of
eight wells of the 24 well development drilling on its Piqua Kansas
oil production property bringing the total number of wells drilled
since June 1st to 16. The first eight wells are
pumping at an average 30 day IP (initial production) rate of 23
BOPD (Barrels of Oil per Day) with 17 BOPD attributable to the
eight new wells. Of the second group of eight wells, four have been
completed and are now on production, with four wells awaiting
completion and tie-in.
Marshall Diamond-Goldberg, President and CEO of Legend said:
"This second phase of our drilling program was done to further
expand the boundaries of the Squirrel reservoir and build on the
success of the first eight locations. The new wells have
further pushed the boundaries of the field and have opened up
additional PUD (Proven Un-Developed) locations for future drilling.
During this phase of drilling, we chose to drill a deep test
on the east side of the John Ellis lease which encountered oil in
the Mississippi limestone, We are testing the deep test well this
week for commercial potential and hope to be able to report
positive results in the next few weeks."
Andrew Reckles, the Company's Chief Restructuring Officer added:
"I continue to remain very excited about the production potential
we are seeing in the Piqua project, and with the discovery of oil
in the Mississippian formation, the potential for another pay zone
on this field, and the increased PDP and PUD values which would
result, are just fantastic. It is important to note, that we will
also begin drilling on our McCune asset this month. This
field, which Legend acquired last December, contains over 1200 net
acres, and is currently contributing to our overall production
approximately 4 BOPD. We have identified dozens of new
drilling locations and plan on drilling our first wells there in
the next two weeks. I think it's particularly important to
note, that with just the first 8 wells of the Piqua project
drilling program on production, we have seen a nearly a three-fold
increase in our daily volumes, and with the next tranche of wells
coming on production during August, we hope for similar results as
we move into the late summer."
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 southeastern
Kansas.
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 2014 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, 2013 and
Form 10Q for the quarter ended March 31, 2014. 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.
CONTACT:
Investor Contact
Andrew Reckles
770-861-1643
