Legend Oil and Gas has completed the first eight wells of a proposed 24 well development drilling on its Piqua Kansas oil production property. All eight wells were drilled cased and on production as of the first week of July, 2014 despite adverse weather conditions in the month of June. Over the first seven days of new production, the Piqua property has averaged 33 BOPD. This is an increase of 24 BOPD for the property as a whole.
Due to the "on time" execution of the first part of the program, Hillair Capital Management has provided Legend with the second tranche of its total commitment of $1.0 million toward the drilling of wells at Piqua. As a result, the second group of wells has already commenced drilling with two new wells drilled and cased on the John Ellis lease. Both wells had good oil shows in the drilling mud and geological samples in the targeted Squirrel sandstone réservoir.