Legend Oil and Gas Ltd. issued a financial and operational update regarding the company’s oil and gas exploration and development activities in North America.
Legend Oil and Gas recently closed on $10.6 million of financing to fund an acquisition of oil and gas properties in Canada. The financing consists of a private placement of $4.6 million of equity and a $6 million credit facility with the National Bank of Canada.
Legend Oil and Gas has signed a non-binding letter of intent to acquire properties in Canada held by International Sovereign Energy Corp. at a cost of $17 million. The acreage has existing production and prospective areas for future exploration. The deal requires the approval of the shareholders of International Sovereign Energy Corp., and the deal is expected to close on August 31, 2011.
Legend Oil and Gas also reported that the company is currently actively developing its leasehold in the United States and has drilled three wells on the Orth-Gillespie leasehold in Kansas.
Legend Oil and Gas reported that two of these new wells are currently on line and production at the property has increased from 1.16 barrels of oil per day to 9.45 barrels of oil per day. The company is evaluating the third well and expects to have results shortly.
For more information on the company, go to www.legendoilandgas.com
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