New Western Energy Signs Agreement To Acquire Legend Oil And Gas

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Description

To merge with the Seattle-based E&P company with properties in Alberta and BC, Canada and leaseholds in Woodson and Crawford counties, KS.

New Western Energy Corp. (OTC: NWTR) announced Jan. 24 that entered into a definitive merger agreement for the acquisition of Seattle's Legend Oil and Gas Ltd. (OTC: LOGL).

The acquisition allows New Western Energy, of Irvine, Calif., to continue to expand its oil and gas production in the U.S. and add oil and gas production from Canada.

Legend's Canadian properties are located in Alberta and British Columbia with production at a combined rate of 117 barrels of oil equivalent per day (BOE/d).

The company also holds leasehold in Kansas. The Piqua property in Woodson County consists of 1,040 acres of net mineral leases and produces 18 barrels per day of oil from 44 active wells. The McCune property in Crawford County is partially developed producing seven barrels per day of oil.

All shareholders of Legend will receive one share of New Western Energy common stock for each three shares of Legend common stock held based upon a value of $0.09 and $0.27, respectively.