Legend Oil and Gas Ltd. (OTC: LOGL) has hired Northpoint Energy Partners of Atlanta to act as its advisor effective Oct. 7.
Northpoint will assist Legend to attract equity and debt financing for its acquisition and development drilling initiatives, as well as to advise on potential future acquisitions of new producing properties to add to the growing production base already in place.
Legend has identified a number of additional drilling locations on its Piqua, Kansas property resulting from its recent successful drilling program, which is ongoing. The company has also identified a number of reasonably priced and high impact acquisition opportunities in south-eastern Kansas close to its current asset base.
"As Legend's mandate is to expand its production and cash flow base through acquisition and development drilling and the fact that Northpoint has had a successful track record in attracting equity capital to the micro-cap E&P sector, it was an easy decision to engage the firm. We look forward to leveraging Northpoint's experience and relationships toward increasing our capital base, our production base and, ultimately our net cash flow through this partnership as acquisitions are made and capital is deployed. As well, Northpoint will be instrumental in assisting Legend to get its 'story' out to the market through its investor network and through its joint participation in various market events," Marshall Diamond-Goldberg, Legend Oil and Gas president, said in the release.
Additionally, Legend reported that September production rates averaged almost 20 barrels per day of oil at Piqua, an increase of over 80% from its average production prior to its recent drilling program. Increased cash flow from Piqua will help move the property to a position of development financing through cash flow.
Legend Oil and Gas Ltd. is an independent energy company engaged in the acquisition, exploration, development, and production of oil and gas properties in western Canada and the U.S. The company is headquartered in Seattle.