LEGEND OIL AND GAS LTD. Provides Investor Update

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PR Newswire

SEATTLE, Dec. 19, 2012

SEATTLE, Dec. 19, 2012 /PRNewswire/ -- Legend Oil and Gas Ltd. (OTC Markets: LOGL) ("Legend", the "Company") is pleased to announce the engagement of Equiti-Trend Advisors to increase market awareness and gain exposure in the marketplace. Equiti-Trend Advisors offers a complete package of auxiliary consulting and corporate services designed to help emerging growth and middle market companies, in the public sector, realize working capital and achieve a fair market value for their stock. Their campaign is comprehensive, inclusive of equity financing, marketing, investor awareness programs, website enhancement and corporate information dissemination.

Marshall Diamond-Goldberg, President of Legend Oil and Gas stated, "As we come to the end of a challenging 2012, we wanted to update our investors about the initiatives we have undertaken with respect to increasing shareholder value over the next year and to inform our shareholders about the changes we have made to keep them abreast of those initiatives. The engagement of Equiti-Trend Advisors should prove valuable to the Company and its shareholders while exposing to a variety of sectors in the investment community, the underlying value of Legend Oil and Gas. We believe our valuation is compelling and are delighted to have Equiti-Trend working closely with us to convey our story to the street." Additionally, Legend has completely updated its website, presenting the most current information available to our present and prospective investors.

Summarizing Legend's last twelve months, Mr. Diamond-Goldberg continued, "2012 was a difficult year for commodity pricing and Legend felt the brunt of lower gas prices as did many of our industry peers. As a result, we have embarked on a strategic focus toward drilling on our oil weighted properties in Kansas and Canada. Debt service also required us to spend some time rationalizing non-core properties, which hampered our ability to ramp up our drilling activity in 2012. We expect to increase field activity in 2013 and drill the remainder of our 20 well program while expanding our drilling program with additional locations thereafter. Despite our capital constraints, we had a 100% success rate on our drilling program, which continues its string of successes in Kansas. With favorable pricing for our Kansas crude, additional development will be the key to growth for the next fiscal year."

About Equiti-Trend Advisors, LLC

Equiti-Trend Advisors LLC offers a complete package of auxiliary consulting and corporate services designed to help emerging growth and middle market companies, in the public sector, realize working capital and achieve a fair market value for their stock.

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.

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Legend Oil & Gas

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Investor Contact
Gross Capital, Inc.
Barry Gross, Investor Relations
legend@grosscapital.com
361-949-4999

Equiti-Trend Advisors, LLC
Brian Barnes
bbarnes@equititrend.com
800-953-3350

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 2012 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, 2011 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 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.

SOURCE Legend Oil and Gas Ltd.

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