SOURCE: Legend Investment Corporation

October 10, 2005 09:04 ET

Legend Investment Provides Update on the Allen Todd Oil and Gas Lease

Tests Show Strong Indication of Natural Gas Liquids (NGL) on Allen Todd lease

DETROIT, MI -- (MARKET WIRE) -- October 10, 2005 -- Legend Investment Corp. (OTC: LVCP) announced the following operational update from HC Oil and Gas on the Allen Todd lease, located in Throckmorton County, Texas.

"We understand from the head of field operations that HC Oil has begun installing the pulling unit on the Allen Todd lease, and is in the process of laying new tubing, installing a new injection pump, and has begun injecting water from both the Allen Todd, and Cartwright Leases," said Peter Klamka, President of Legend Investment Corp.

"HC Oil and Gas expects to have up to three field crews working on both the Allen Todd and Fambrough leases by Wednesday afternoon, and baring any unforeseen delays, is expect to begin production operations by the end of the week," he added. Tests conducted on the Allen Todd lease show strong indications of Natural Gas Liquids (NGL) on the property. Natural Gas Liquids produces such byproducts as propane, propylene, butane, butylenes, and may also contain such heavier properties such as pentanes, hexanes, and heptanes, and further refined and produce products such as kerosene, naphtha, gasoline, and light fuel oil. Once in initial production, the company anticipates testing will be conducted to establish the quality of the Natural Gas Liquids on the Allen Todd property, and a detailed report of those results will be made available.

The company estimates, once in full production, the daily production on the Allen Todd lease alone would be estimated around 100 barrels of Oil, and 75 to 125 mcf of Natural Gas daily.

Legend has an agreement to acquire a 30% working interest in each of the ten (10) oil and natural gas leases operated by HC Oil and Gas, and has begun funding the first two. Full production on all ten fields based on current projections from HC Oil and Gas would allow Legend Investment to recognize earnings of approximately .18 per share with the current number of shares issued and outstanding. There can be no assurance that Legend will be able to fund the remaining eight leases.

About Legend Investment Corp.

Based in the Detroit area, Legend Investment Corp. (www.legendinvestment.com) is a fully reporting Business Development Company. It is activities are focused in a limited number of industries including energy and oil and natural gas investments. The company currently has 4,638,480 shares outstanding.

Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes," "soon," "anticipates," "plans," or "expects," and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties including the ability of the company to enter into a definitive agreement for the acquisition, the ability of the company to raise sufficient funds to meet its obligations including this and other acquisitions, and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements. Reference is made to the Company's filings with the Securities and Exchange Commission for a more complete discussion of such risks and uncertainties.

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