SEATTLE, Oct. 3, 2012 /PRNewswire/ -- Legend Oil and Gas Ltd. (OTC Markets: LOGL) ("Legend", the "Company") wishes to update the production results on the Company's Piqua Property in south eastern Kansas.
Marshall Diamond-Goldberg, President of Legend Oil and Gas stated, "Production commenced on the four wells drilled on the Gillespie and Cress leases as of September 19th. Initial production volumes have been higher than expected with total incremental production volume from the four wells averaging 2.5 BOPD per well. Total production has exceeded 20 BOPD on the Piqua property since September 24th. With both the Pat Collins and Orth leases currently shut-in due to mechanical issues, the higher than expected incremental production has been gratifying. These results have further diminished the risk of additional drilling planned by the Company over the next several months."
The thickness of the Squirrel reservoir in the Gillespie wells was greater than expected, opening additional drilling locations on that lease. At Cress, sustainment of current production numbers may lead to additional drilling locations as well.
The Company is currently preparing its next tranche of wells to be drilled as soon as services are lined up.
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.
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 2012 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, 2011 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 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.
Barry Gross, Investor Relations
SOURCE Legend Oil and Gas Ltd.