Legend closes acquisition of Canadian properties

October 24, 2011

Legend Oil and Gas has purchased all the Canadian assets of International Sovereign Energy (ISR), exclusive of its Marwayne, Alberta heavy oil property.

The transaction includes a mix of oil and gas production in Alberta and British Columbia totaling about 300 barrels of oil equivalent per day, along with undeveloped mineral properties.

Legend president Marshall Diamond-Goldberg said the acquisition of ISR assets offers very attractive and low risk drilling opportunities to the company.

"At Swan Hills in particular, several offsetting horizontal wells have demonstrated production potential in excess of 1,000boe/d. We plan to drill the first of two wells on this property in the near term," Diamond-Goldberg said.

The company has also signed a farm-out deal relating to two additional parcels, which will see two wells drilled to test the Nisku formation.

Legend holds the right to participate up to 25% in these wells as an option.

- EBR Staff Writer

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