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12.03.2013 14:05
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LEGEND OIL AND GAS LTD. Kansas Increases in Value
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PR Newswire
SEATTLE, March 12, 2013
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
361-949-4999
Equiti-Trend Advisors, LLC
Brian Barnes
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.
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