Legend Oil and Gas Ltd. New Kansas Wells on Production
September 12 2013 - 9:00AM
Marketwired
Legend Oil and Gas Ltd. (OTCQB: LOGL)
("Legend", the "Company") has completed the
drilling of the first four wells in its multi-well development
drilling program on its oil property at Piqua, Kansas and has
successfully completed and equipped three of these wells. All are
now on production at rates that have far exceeded the initial
production estimates for the wells. A mechanical issue with the
fourth well prevented the frac from being completed effectively;
however, a remedial completion is slated to be done shortly as a
result of the production performance of the offsetting wells.
Marshall Diamond-Goldberg, President of Legend Oil and Gas,
Ltd., stated, "Despite weather delays in the first half of August,
we were able to bring the first slate of wells in our 2013 drilling
program on line prior to the end of the month. Initially we were
getting back mainly 'frac water', however, the three completed
wells have now turned to 100% oil and are pumping at rates which
have more than doubled the production from the entire Piqua
project. Average rates over the first four days of oil production
have exceeded 14 BOPD (barrels of oil per day) with no water, for
an average per well of close to 5 BOPD.
The Pat Collins lease had been previously developed with only
four oil wells on the 320 acre parcel. With inter-well spacing of
2.5 acres and higher than anticipated production rates from the
newly drilled wells, the Company estimates that an additional 40 or
more wells could be drilled to fully develop the Squirrel reservoir
on the lease. Legend has begun the process of permitting the next
four locations and expects to spud the first of these wells in
early October.
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.
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 Form
10Q for the quarter ended March 31, 2013. 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.
Investor Contact Gross Capital, Inc. Barry Gross Investor
Relations legend@grosscapital.com 361-949-4999
Legend Oil and Gas (CE) (USOTC:LOGL)
Historical Stock Chart
From Dec 2024 to Jan 2025
Legend Oil and Gas (CE) (USOTC:LOGL)
Historical Stock Chart
From Jan 2024 to Jan 2025