SEATTLE, March 16, 2012 /PRNewswire/ -- Legend Oil and Gas Ltd. LOGL ("Legend", the "Company") is pleased to announce the Securities and Exchange Commission ("SEC") has declared Legend's Shelf Registration Statement on Form S-3 effective as of March 15, 2012. The Registration Statement is a significant milestone for the Company and is intended to provide Legend with the financial flexibility to access public capital markets in order to respond to and act on future business opportunities. Pursuant to the Registration Statement, Legend may offer and sell from time to time in the future, in one or more public offerings, up to $50 million in securities to interested parties, which may consist of common stock, preferred stock, warrants or units.

Legend may periodically offer securities in amounts, at prices, and on terms to be announced when, and if, the securities are offered. The specifics of any future offering, along with the prices and terms of any securities offered under the Registration Statement, and the intended use of the net proceeds resulting therefrom, will be established at the times of the offerings and will be described in a prospectus supplement filed with the SEC at the times of any such offering.

Marshall Diamond-Goldberg, President and CEO, stated, "Proceeds from the future sale of any securities will provide the Company with the flexibility to finance future business opportunities, which may include the financing of drilling opportunities and acquisitions consistent with our business strategy."

This press release is not an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.  Any future offer and sale of securities under the Registration Statement may only be made by means of a prospectus and an accompanying prospectus supplement, and execution of definitive subscription agreements for any such offering. 

A copy of the Shelf Registration Statement on Form S-3 and copies of the prospectus supplements relating to any offerings under the registration statement, when available, can be obtained without charge on the website of the Securities and Exchange Commission at www.sec.gov.

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.

Investor Contact

Barry Gross, Investor Relations

legend@grosscapital.com

361-949-4999

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 Legend's shelf registration statement and any future offering or acquisition.  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, 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. 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.