SOURCE: Legend Oil and Gas Ltd.

September 25, 2013 09:00 ET

Legend Oil and Gas Ltd. New Kansas Wells on Production

SEATTLE, WA--(Marketwired - Sep 25, 2013) - Legend Oil and Gas Ltd. (OTCQB: LOGL) ("Legend", the "Company") has completed its fourth well (Pat Collins #7), in its four well drilling program which began in August. The frac was successful and the well is now on production. Full production from the lease has averaged 12 BOPD over the first 17 days of production in September, almost doubling the production performance from the entire Piqua property.

Marshall Diamond-Goldberg, President of Legend Oil and Gas, Ltd., stated, "The performance of the new wells on the Pat Collins lease has been extremely encouraging as it opens up a significant amount of undeveloped acreage on our largest lease. Additional locations are being permitted with an eye toward upgrading the production battery in order to handle the current and anticipated incremental oil production. Drilling on the next tranche of wells should commence in early October."

With oil prices remaining relatively stable in the $100.00+ range per barrel, Legend is considering the hedging of its Piqua production in order to "lock in" these favorable prices. With a total offset to WTI price for quality and transportation adjustments of approximately $7.50 per barrel, this hedging strategy can help facilitate a consistent and predictable revenue stream from the Piqua Project.

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.

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