Alpharetta, Georgia, Oct. 3, 2014 (GLOBE NEWSWIRE) -- On September 29, 2014, the Company and Hillair entered into an
8% Original Issue Discount Debenture for approximately $1.56
million. This debenture includes a warrant for Hillair topurchase
155,680,000 shares of Legend common stock for $.01 per share. Net
proceeds from this financing were $1.3 million.
Warren Binderman, Legend's Chief Financial Officer notes that
"this additional infusion by Hillair is a result of the significant
accomplishments since the restructuring commenced in June 2014. In
the last quarter we expended funds to drill a multitude of
additional wells, significantly increased our production, acquired
the Volunteer and Landers leases, and cleaned up the Company's
financial statements-- placing Legend Energy Canada, Ltd., the
Company's wholly owned subsidiary, into the Canadian bankruptcy
Courts. Further, obtaining a release from the subsidiary's
bank debt was a key component in obtaining funding from
Hillair."
Andrew Reckles, Chief Executive Officer, states that "During the
month of October, Legend anticipates at least 12 new
wells coming on production. This new production will be
from drilling programs on all three of our projects- Piqua,
McCune and Landers/Volunteer. As of today, six (6) of those
wells have been drilled, logged and perforated, and another deeper
well has been drilled and logged. Weather and services
permitting, we will have the aforementioned six (6) wells completed
and on production by the end of next week, at which point we
anticipate that two (2) additional deeper wells will have been
drilled, logged and perforated. The deeper wells are on our
newly acquired asset, the Landers and Volunteer leases and are
drilling into the Bartlesville formation. We anticipate that
we will begin drilling on an additional four (4) wells on either
Piqua or McCune by mid month, once we've had an opportunity to
assess the performance of the new wells that are scheduled to come
on line next week. All in all. October is going to be a very
important and very busy month for the company, and we are hopeful
that we will add significant daily oil production to our current
growing production base.
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 and
Oklahoma.
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
Forms 10Q for the quarters ended March 31, 2014 and June 30, 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: Warren Binderman
(678) 595-6243
