Today, Legend Oil and Gas Ltd. announced that it has closed the acquisition of International Sovereign Energy Corp.’s Canadian assets, excluding its Marwayne, Alberta heavy oil property. The acquisition contains a mix of oil and gas production in the Provinces of Alberta and British Columbia totaling approximately 300 BOE/d (Barrels of oil equivalent per day, with gas converted at 6:1). It also gives Legend Oil and Gas a significant amount of undeveloped mineral assets.
Prior to closing, the companies signed a farm-out agreement relating to two additional parcels, which will see two wells drilled to test the Nisku formation at no additional cost to the Company. Legend has the right to participate up to 25% in these wells as an option.
Legend’s President, Marshall Diamond-Goldberg, remarked, “We are very excited to get the ISR acquisition closed as it adds significant reserves, production and cash flow to the Company, while offering very attractive and low risk drilling opportunities, which we look forward to exploiting. At Swan Hills in particular, several offsetting horizontal wells have demonstrated production potential in excess of 1,000 BOE/d. We plan to drill the first of two wells on this property in the near term.”
In other news, Legend is making progress on its Kansas property; the company drilled three development wells and completed a fourth well over the summer on its Woodson County property in southeastern Kansas. Stable production from the property has risen from an average of 6-7 BOPD (Barrels of oil per day) prior to the completion of these wells, to over 20 BOPD. Currently, the Company is looking at an additional drilling program to be completed in November.
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