Alpharetta, Aug. 21, 2014 (GLOBE NEWSWIRE) -- The Company's quarterly report indicates many items which
reflect the corporate restructuring that began in the second
quarter of this year.
Warren Binderman, Legend's Chief Financial Officer notes that
"despite the losses incurred during the first six months of 2014,
the Company spent the last month of the quarter, thanks to
financing by the Hillair cash infusion, tackling various legacy
business challenges on all fronts. We expended capital to grow our
oil production through new drilling on the company's Piqua Project
in Woodson County, Kansas, and have navigated through many of the
pre-existing issues at the Company. While we are not out of the
woods yet, we have begun to gain some positive momentum and our
capital spending is starting to reap measureable rewards through
significant increases in oil production as each new well comes on
line."
Binderman continues "when you dig into the financials, you will
note a 'silver lining' in that many of the costs incurred this
period were non-cash in nature. We impaired our Canadian
assets resulting in a non-cash charge of over $425 thousand,
resolved administrative matters through issuance of common stock
for services resulting in charges of over $800 thousand, and
recognized a non-cash interest expense of almost $900 thousand. We
have successfully reduced our general and administrative cash costs
and were able to gain control over our legacy accounts
payables. These are monumental achievements in light of where
the Company was prior to the beginning of this restructuring."
Andrew Reckles, Chief Restructuring Officer
states that "we still have a lot of work to do, and the heavy
lifting is by no means complete, but I am proud of the achievements
that the team has produced so far, and with the continued support
of Hillair, we look forward to continuing that momentum into the
third and fourth quarters of this year."
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: Andrew Reckles
Phone: (770) 861-1643
Warren S. Binderman
(678) 595-6243
