SEATTLE, April 19, 2012 /PRNewswire/ -- Legend Oil and Gas Ltd. (OTCBB: LOGL) ("Legend", the "Company") is pleased to announce that its work-over of the Company's 100% working interest well in the Swan Hills, Alberta carbonate bank resource play was successful and the Company is continuing to work to secure the required regulatory approvals for its first horizontal well into the play later this year.
Marshall Diamond-Goldberg, President and CEO, stated, "The successful work-over of this well has returned the production to a stable rate of over 13 BOPD for the past 10 day period. Prior to this work-over, this well had shown stable production over the last five years of 12-15 BOPD, but the production had recently declined from what we thought was the adjoining activity in the area surrounding the Legend acreage. However, this work-over indicated significant build-up of wax in the tubing string and some joints of corroded tubing as the cause of the reduced production, rather than drainage of the Company's reserves. This is excellent news for the company as we are now in firm belief that our reserves on this property are consistent with or possibly greater than our third-party engineering reports indicate."
Legend is also moving forward with its financing efforts and continues to negotiate final terms on a proposal for potential financing. The Company continues to prepare for an active drilling program in Canada and the U.S. subject to the results of these financing efforts.
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 financing efforts. 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 obtain sufficient financing to fund its bank obligations and drilling development plans; 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. 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.