SEATTLE, Feb. 9, 2012 /PRNewswire/ -- Legend Oil
and Gas Ltd. (OTCBB: LOGL) ("Legend", the "Company") is pleased
to announce the appointment of two new independent directors to our
Board of Directors, Mr. Alan
Jochelson and Mr. John
Busey. This brings the current number of directors on
our Board to four, with the expectation of an additional appointee
within the next several weeks. These appointments reflect our
corporate governance objective of having a majority of independent
directors on our Board.
"It is with great pleasure I am able to announce the addition of
Alan Jochelson, a partner at the
Gowlings law firm in Alberta,
Canada, and John Busey, a
retired businessman to our Board of Directors," said Legend's
President, Marshall
Diamond-Goldberg. "Mr. Jochelson has a strong
background in corporate finance with a particular emphasis on
mergers and acquisitions, divestitures, reorganizations and
financings, many of which are in the Exploration & Production
sector. Mr. Jochelson acts regularly in cross-border private
and public market transactions. Mr. Busey has over thirty years of
senior executive experience in the areas of financing, banking,
mergers and acquisitions, divestitures and reorganizations in the
retail, technology and new home construction industries. Both
Mr. Jochelson and Mr. Busey bring a wealth of experience and
acumen working with public companies in the United States and Canada which will be a tremendous asset for
Legend moving forward."
With the addition of these new board members, our Board
established an Audit Committee and Compensation Committee, and
appointed Messrs. Jochelson and Busey to these Committees. A
third committee, overseeing our oil and gas reserves, will be
established once the board appointments have been completed.
Each committee will be subject to its own charter respective of its
function and the duties of its members.
Kansas Drilling
Legend is also pleased to announce that the three wells drilled
in Piqua, Kansas in December 2011 have been completed and placed on
production. Early results suggest that these wells should
perform similarly to our previous development program (three new
wells and one re-completed well during 2011). With the
positive results of our drilling activities, we are planning a 10
well development program for the spring of 2012. We believe
the results of our drilling to date will allow us to accelerate our
"ramp-up" of development on the property, with more than 50
drilling locations identified.
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
legend@grosscapital.com
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.