SEATTLE, Aug. 8, 2012 /PRNewswire/ -- Legend Oil and Gas Ltd. (OTC Markets: LOGL) ("Legend", the "Company") is pleased to announce that it has successfully closed the sale of its Red Earth, Alberta Royalty for the sum of $750,000 in Canadian Funds. The purchase was closed within two weeks from the receipt of the offer. Sayer Energy Advisors of Calgary acted as the broker for the sale and were instrumental in supporting the quick closing of the transaction.
Marshall Diamond-Goldberg, President of Legend Oil and Gas stated, "We are very pleased that this property was sold as expeditiously and seamlessly as it was. The sale will provide capital with which to pay down debt and for general corporate purposes. The sale of this asset will have a nominal effect on our forward cash flow and was sold at a premium to our discounted Net Asset Value as of December 31, 2011. We are pleased with the work of Sayer Energy Advisors as well as Legend's staff in capitalizing on this opportunity. The sale of this asset was anticipated when we acquired the assets of International Sovereign Energy Corp. in October of 2011."
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.
Barry Gross, Investor Relations
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 the equity financing through Lincoln Park, our use of proceeds and 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 Company's ability to satisfy applicable closing conditions under the Purchase Agreement and LPC's compliance with its obligations to purchase the shares of common stock, changes in the trading prices of our common stock, and the timing and amount of funding available under the Purchase Agreement, and our use of net proceeds therefrom, to fund our working capital needs and 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 March 31, 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.