Legend Oil and Gas Ltd. (OTCQB: LOGL) Closes Debenture Financing With Hillair Capital Investments LP

July 11, 2013 11:20 AM0 commentsViews: 32

Legend Oil and Gas Ltd. (OTCQB: LOGL) Closes Debenture Financing With Hillair Capital Investments LP

SEATTLE, WA, – Legend Oil and Gas Ltd. (OTCQB: LOGL) (“Legend”, the “Company”) is pleased to announce that it has successfully closed a convertible debenture financing in the principal amount of US $900,000 on terms which are favorable to the Company. Hillair Capital Investments LP is the sole financial partner on this financing.

Marshall Diamond-Goldberg, President of Legend Oil and Gas, Ltd., stated, “We have been working diligently to attract a strong financial partner who understands the potential upside contained within the Legend asset base. The successful closing of this financing provides the Company with sufficient capital in hand to proceed with its drilling program in Kansas, as well as the capital necessary to move forward with the low cost and high impact opportunities identified on its Canadian assets acquired in 2011.”

This financing provides an attractive rate of interest, with a “greenshoe” provision, allowing for a follow-on financing on similar terms in the future. Conversion to common shares is at a premium to the market pricing of Legend’s stock. Full details will be provided in the 8K filing with the SEC. The financing was arranged by C4 Capital Markets of Atlanta, an affiliate of Merriman Capital.

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.

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, the timing and results of our 2013 drilling and development plan. Additional factors include 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 including the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. 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.

Investor Contact
Gross Capital, Inc.
Barry Gross
Investor Relations

SOURCE: Legend Oil and Gas Ltd.


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