Legend Oil and Gas, Ltd. Prepares Drilling Plans in Kansas and Continues to Evaluate Bakken Lands
15 Febbraio 2011 - 3:00PM
Marketwired
Legend Oil and Gas, Ltd. (OTCBB: LOGL)
("Legend," the "Company") is pleased to announce that it has
prepared its drilling plans on the recently acquired oil production
property in southeastern Kansas, which the Company will commence
once the recent cold weather conditions in the State have begun to
subside.
PIQUA PROPERTY
Legend has spent the past three months, since the acquisition of
the Piqua property, streamlining the production process and
consolidating its field operations ahead of the anticipated
drilling program earmarked for this spring. As well, the geological
review of the leases has been completed wherein a significant
number of new drilling locations have been identified. The main
production fairway is contained within the Ellis, Bennett and
Orth-Gillespie leases, where additional development locations can
be drilled in order to increase production and more fully develop
the Squirrel sand reservoir. Neither the Ellis nor the
Orth-Gillespie leases have adequate water injection to provide the
necessary pressure support, which has enhanced the production on
the Bennett lease.
Mapping of the reservoir indicates a significant area of
undeveloped acreage on the north side of these leases and Legend
intends to drill at least two new wells to test the extent of the
reservoir. Full development of these three leases could add more
than 20 drilling locations for the company.
The Patrick Collins lease is currently developed with 4 wells on
a 320 acre lease. The Collins-Bennett lease to the east (operated
by another owner) is developed with more than 10 wells with an
average daily production of 8 BOPD (barrels of oil per day).
Development of the Patrick Collins lease is expected to increase
production dramatically as the Squirrel sand can be mapped as a
thick trend onto the lease comparable to the reservoir producing to
the east. It is anticipated that the Company will drill three or
more locations on the lease in the second and third quarters of
2011.
Additionally, the Company has identified areas of the
Orth-Gillespie lease which would benefit from additional water
injection. Legend will either convert existing wells or drill new
locations in an effort to improve the pressure support provided by
these injectors. At the shallow depths inherent in this area (less
than 900 feet) anticipated costs to drill per well are expected to
be below $25,000 each. Legend's overall game plan is to drill 5 new
oil locations and two new injection wells during the second and
third quarters. Evaluation of that program may lead to additional
drilling beyond that.
LEASE EVALUATIONS
Legend has embarked on a program to evaluate and acquire leases
in the Bakken formation in the states of North Dakota and Montana
as part of the Company's philosophical approach to positioning
itself in the oil prone shale plays in those states. Currently,
Legend is in the process of finalizing the purchase of several
parcels of land, details of which will be contained in a subsequent
announcement.
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.
Investor Contact Marshall Diamond-Goldberg President
403-617-2071
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