SEATTLE, March 12, 2013 /PRNewswire/ -- Legend Oil
and Gas Ltd. (OTC Markets: LOGL) ("Legend", the "Company") has
received the year-end values for its oil and gas production and
reserves from its third party Engineering firms; both of whom were
contracted to provide the Company with industry standard
evaluations of its production assets. InSite Petroleum
Consultants Ltd. ("InSite") of Calgary, Alberta, in compliance with Canadian
National Instrument 51-101 regarding engineering evaluations of
resource properties, has completed the evaluation of the Canadian
asset base. KLH Consulting of Wichita Kansas ("KLH"), who has
provided Legend with its resource evaluation in the United States since the Company's first
production in the state of Kansas,
completed the evaluation for the U.S. assets.
Marshall Diamond-Goldberg,
President of Legend Oil and Gas stated, "We have done a thorough
job of evaluating our reserves and have shown that we are
increasing value in those areas where we are able to deploy capital
to drill new wells and improve the production facilities. The
asset value in Canada is reduced
somewhat from the 2011 year-end evaluation. Natural reserve and
production declines, coupled with a very low capital expenditure
level in Canada, were the leading
causes for these declines. The Canadian assets continue to
show significant corporate value and contribute significantly to
the Company's production and cash flow. In Kansas, we were
able to increase production and reserves through the drilling of
additional development locations increasing the reserves and
corresponding values increased significantly."
The asset evaluation process has demonstrated the value addition
which has been derived from the drilling performed in Kansas during 2012. Proven Developed
Producing reserve values have increased 40.1% with Proven
Un-Developed values rising 15.4% or an overall Total Proven value
increase of 22.9%. It is Legend's intent to focus on its
Kansas asset base in 2013 with a
capital program in Canada
earmarked for operating cost reduction and participation in the
major production and water flood expansion of the Wildmere unit,
currently underway by the operator Husky Energy.
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.
Investor Contact
Gross Capital, Inc.
Barry Gross, Investor
Relations
legend@grosscapital.com
361-949-4999
Equiti-Trend Advisors, LLC
Brian Barnes
bbarnes@equititrend.com
800-953-3350
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 its Quarterly Report on Form 10-Q for the quarter
ended September 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.
SOURCE Legend Oil and Gas Ltd.