SEATTLE, March 30, 2012 /PRNewswire/ -- Legend Oil and Gas Ltd. (OTCBB: LOGL) ("Legend", the "Company"), an exploration and production company with core assets located in Alberta, Canada and in southeastern Kansas, and with leaseholds in the Bakken formation in North Dakota, today announced its financial results for its fourth quarter and full year ended December 31, 2011. A full delineation and detailed report of the Company's fourth quarter and year-end financials can be found on our Form 10-K at www.sec.gov
Marshall Diamond-Goldberg, Legend's President stated, "This year we made significant strides by increasing our daily production to year-end production of approximately 300 barrels of oil equivalent per day (BOE/d). Our acquisition in October 2011 of the majority of International Sovereign Energy Corp.'s ("Sovereign's") producing and non-producing assets in Canada provided us with a diversified portfolio of properties with multiple opportunities for development. Prior to this acquisition, our daily production was less than 20 BOE/d from our oil property in Piqua, Kansas. We continue to pursue opportunities for organic growth by increasing our production through the drill bit in that state and will continue our efforts through our planned drilling program for 2012. Although we saw significant improvement in both production and reserves this past year resulting from our Sovereign acquisition, our net income also suffered from extraordinary expenses related primarily to the acquisition of Sovereign's assets and the registration statements that we filed in the fourth quarter of 2011. We are very proud of our accomplishments during 2011 and are excited about our prospects as we look forward to 2012."
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 our drilling development program and our future financial and operating results. 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, our ability to obtain financing to pay off our bridge loan with National Bank of Canada by May 31, 2012 and to fund our drilling program in 2012, adverse effects if Sovereign or our preferred holders exercise their put rights, 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 in our annual report on Form 10-K for the year ended December 31, 2011, and in our other filings filed from time to time with the Securities and Exchange Commission. 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.