Legend Oil and Gas Ltd. Updates Kansas Activity

SEATTLE, May 17, 2012 /PRNewswire/ -- Legend Oil and Gas Ltd. (OTCBB: LOGL) ("Legend", the "Company") is pleased to announce it has begun permitting 20 wells on its Woodson County, Kansas property and anticipates commencing drilling of the first tranche of wells in early summer 2012.  Legend is currently engaged in discussions with financial partners with respect to equity investments in the Company, which could help fund the drilling program while reducing the Company's outstanding bank debt.

Marshall Diamond-Goldberg, President and CEO, stated, "The Woodson County drilling completed in 2011 on the Piqua property resulted in a sustained and significant increase in production from our leases.  As a result of the 100% success we achieved from the two programs last year, we felt a larger scale drilling program aimed at significantly increasing production was warranted.  With the softness of natural gas prices having affected our Canadian asset base, coupled with the low-risk and low-cost oil drilling available to us in Kansas, we feel our capital would be best utilized in an area which would produce a greater return on our investment and increase shareholder value.

Legend is continuing its efforts with respect to its anticipated equity financing.  The capital raised would be earmarked for drilling and bank debt reduction.

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.

Investor Contact
Barry Gross, Investor Relations
[email protected]
361-949-4999

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, 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. 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.

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