Stock Market Watch

Legend Oil and Gas continues to bounce; Defamatory Articles abated for Now

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I hope you were able to get my last alert on Legend Oil and Gas Ltd (OTC:LOGL)as the stock has bounced substantially since November 23 – from $1.14 to the high today of $1.71 got you 50%! LOGL last traded at $1.64 for a gain of 32.26% from Wednesday’s close… Get my next ALERT 100% FREE

In response to a couple defamatory articles, LOGL tried to ensure investors on Wednesday of its legitimate business practices. Legend management has been involved with numerous companies over the past 30 years.  Our officers and directors have never participated in any paid-for reports or promotional items for any companies they are currently, or have been associated with, and give no credence to Mr. Silbermann’s inferences whatsoever.


Management considers all information written in Mr. Silbermann’s articles to be inferences only and believes current and future articles are written for his own personal benefit and with those he may be associated.

Most importantly, Mr. Silbermann fails to present information regarding the fundamentals of Legend Oil and Gas in his articles to date. Legend is executing its business plan and continues to work toward providing value for its shareholders through exploration, exploitation, and acquisition in the oil and gas industry.

October 20, 2011, Legend closed the acquisition of producing and non-producing oil and gas assets from International Sovereign Energy Corp. (“Sovereign”).  The acquisition was closed in Legend’s wholly owned subsidiary, Legend Energy Canada Ltd.  Combined with the production from Legend’s US assets in the state of Kansas, total production at closing was over 300 BOE/d (barrels of oil equivalent with gas converted at 6:1).  Within the next several days, we will be filing a Current Report on Form 8-K with the SEC to provide pro forma financial statement disclosures for this acquisition.

In support of the development and management of the Canadian assets, Legend has set up a Canadian office in Calgary, Alberta and has hired a petroleum engineer in the position of Manager of Engineering and a Controller to manage the day to day operations of these acquired assets.  It is the intention of Legend to have the Canadian and US assets managed by the Calgary based staff in support of the head office in Seattle, Washington.

Marshall Diamond-Goldberg, President of Legend stated, “The acquisition of the Sovereign assets, coupled with the recent drilling success we have had in Kansas, moves Legend from a start-up E&P company to a functional energy company with a significant inventory of drilling opportunities, a large amount of un-developed acreage to assess for additional exploration and development, complimented by an increased staff with which to administer these and future assets.  Having grown the company from zero production to over 300 BOE/d in less than one year, with the potential to increase that production significantly over the next few years, is a major positive for all Legend shareholders and demonstrates management’s commitment and ability to enhance shareholder value through organic growth rather than by promotion as suggested by the short seller’s articles, who has personal profit as the motive to knock down our stock price.”

 

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Post Written By: Oliver Crowne

Oliver Crowne is the main editor for http://www.StockPreacher.com


Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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