Atlanta, Aug. 12, 2014 (GLOBE NEWSWIRE) -- ("Legend", the "Company") is pleased to announce that the Company has now completed the drilling of the second tranche of eight wells of the 24 well development drilling on its Piqua Kansas oil production property bringing the total number of wells drilled since June 1st to 16. The first eight wells are pumping at an average 30 day IP (initial production) rate of 23 BOPD (Barrels of Oil per Day) with 17 BOPD attributable to the eight new wells. Of the second group of eight wells, four have been completed and are now on production, with four wells awaiting completion and tie-in.
Marshall Diamond-Goldberg, President and CEO of Legend said: "This second phase of our drilling program was done to further expand the boundaries of the Squirrel reservoir and build on the success of the first eight locations. The new wells have further pushed the boundaries of the field and have opened up additional PUD (Proven Un-Developed) locations for future drilling. During this phase of drilling, we chose to drill a deep test on the east side of the John Ellis lease which encountered oil in the Mississippi limestone, We are testing the deep test well this week for commercial potential and hope to be able to report positive results in the next few weeks."
Andrew Reckles, the Company's Chief Restructuring Officer added: "I continue to remain very excited about the production potential we are seeing in the Piqua project, and with the discovery of oil in the Mississippian formation, the potential for another pay zone on this field, and the increased PDP and PUD values which would result, are just fantastic. It is important to note, that we will also begin drilling on our McCune asset this month. This field, which Legend acquired last December, contains over 1200 net acres, and is currently contributing to our overall production approximately 4 BOPD. We have identified dozens of new drilling locations and plan on drilling our first wells there in the next two weeks. I think it's particularly important to note, that with just the first 8 wells of the Piqua project drilling program on production, we have seen a nearly a three-fold increase in our daily volumes, and with the next tranche of wells coming on production during August, we hope for similar results as we move into the late summer."
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 southeastern Kansas.
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 2014 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, 2013 and Form 10Q for the quarter ended March 31, 2014. 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.
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