Legend Oil and Gas Ltd. Drills on Kansas Leases

SEATTLE, July 6, 2011 /PRNewswire/ -- Legend Oil and Gas Ltd. (OTCBB: LOGL) ("Legend", the "Company") is pleased to announce that it has drilled the first two wells of a three well program to develop its producing leases in Piqua, Kansas.  The wells were drilled to a total depth of approximately 825 feet.  It is anticipated the Company will commence the drilling of its third well in this development program within the next week and may consider drilling additional wells on these leases before year-end.

"Oil prices remain strong and the geological review of the leases indicate this development program can be commercially successful on the Orth-Gillespie, Gillespie South and Cress leases on the south part of our holdings at Piqua, Kansas," said Legend's President, Marshall Diamond-Goldberg.  

Results to Date

Diamond-Goldberg, who was on site for the drilling of the first two wells, has examined the chip samples from these wells and has concluded that both wells, drilled on the Orth-Gillespie lease, contain very good oil shows in two separate sections of the Squirrel sand at depths just above 800 feet.  "The nature and quality of the samples indicate the presence of un-swept oil reservoir in both zones, which is very encouraging from a production standpoint," said the President.  These wells will be logged and perforated, then fractured and equipped for production following the drilling of the third well which Legend expects to spud in the next week.  All wells will be completed once the final well has been drilled and cased.

Legend will issue a follow-up release once the wells have commenced production.

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 and northern North Dakota.

Investor Contact
Marshall Diamond-Goldberg, President
[email protected]
403-617-2071

Forward-looking Statements:

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) 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. 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, 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. 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.