LEGEND OIL AND GAS LTD. Announces Cancellation of Presentation at Roth Capital Conference

SEATTLE, March 13, 2012 /PRNewswire/ -- Legend Oil and Gas Ltd. (OTCBB: LOGL) ("Legend", the "Company") announced today that the Company has withdrawn from the  24th Annual ROTH Conference on March 11-14, 2012 as previously announced in its press release dated March 2, 2012. In conjunction, Legend also advises that ROTH Capital Partners LLC ("Roth") will no longer serve as the Company's Designated Advisor for Disclosure (DAD) for its application to move to the OTCQX.  Issues with respect to Roth's support of the Company in its bid to move to the senior tier of the OTC Markets necessitated this decision.  This also delays Legend's application to move to the OTCQX, which will not be finalized by the middle of March 2012 as originally anticipated.

Marshall Diamond-Goldberg, President of Legend, stated, "While we are disappointed our efforts to move to the OTCQX have been delayed, we are committed to having our shares quoted and traded on a more senior market than the OTCBB. Our operations and fundamentals remain strong while we continue to grow our company through the drill bit and acquisitions. As always, we remain committed to strengthening our position in the marketplace and improving our shareholder value."

About OTC Markets Group Inc.

OTC Markets Group Inc. operates the world's largest OTC marketplace for equity securities.  The OTC Link® trading system delivers price transparency in over 10,000 securities and enables direct interaction between broker-dealers that provide liquidity and execution services.  OTC Markets Group organizes the marketplace by categorizing the wide spectrum of OTC-traded companies into three tiers: OTCQX - The Intelligent Marketplace for the Best OTC Companies; OTCQB® - The Venture Marketplace; and OTC Pink® - The Open Marketplace.  Its information-driven platform makes it easy for investors to trade at the best price through the broker of their choice and empowers companies to build the best markets for their investors.  To learn more about the OTCQX, visit www.otcmarkets.com.

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

Barry Gross, Investor Relations

[email protected]

361-949-4999

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 consist of statements about our application to move to the OTCQX.  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.  There are no assurances as to whether or when the Company's application for trading on the OTCQX will be approved.  Factors that could cause actual results to differ materially include, but are not limited to, our ability to find a Designated Advisor for Disclosure, timing and due diligence issues, and the unilateral discretion of the OTCQX to accept or reject our application. 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.