Legend Oil and Gas Ltd. (LOGL) Closes on Acquisition of International Sovereign Energy Corp.’s Canadian Assets
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…