What’s The Fracking Deal With Legend Oil & Gas (LOGL)?

Here’s a trivia question for you: Which oil and gas focused penny stock has over $1 million more revenue (so far this year) than Bison Petroleum, Corp. (BISN), yet trades at 1/30th the price? Here’s a hint: Insider’s have been selling almost every single time the company announces news of any significance. If you answered Legend Oil and Gas, Ltd. (LOGL), consider yourself a winner, just don’t count on their latest acquisition from Black Oak Oil and Gas, LLC to suddenly send LOGL stock back above a dime.

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LOGL Stock Quote

Market Cap: 4.38M
Last: 0.045 ▼ -0.003 (-6.25%)
Volume: 96,800
Dollar Volume: $4,386
Trades: 13
Authorized: 400,000,000
Issued and Outstanding: 97,443,271
Marshall Diamond-Goldberg: 7,848,200
James Vandeberg: 5,423,696
14-Day Rel Strength: 45.02%
1st Resistance Point: 0.0457
1st Support Level: 0.0447

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News should be issued soon by the Company about their most recent acquisition; Black Oil’s petroleum and natural gas rights, land and land leases totaling approximately 1,097 acres, and various vehicles and equipment used on the land located in McCune, Kansas. The deal cost the Company $250,000 and 100,000 restricted shares of LOGL stock which is as non-diluting of a deal as one could ever hope for.

However, Marshall Diamond-Goldberg, President of Legend Oil and Gas, Ltd., and James Vandeberg, CFO, have been active sellers of LOGL stock which has left investors puzzled. The act of selling your stock at prices like $0.054 and $0.065 (per the most recent Form 4 filings) doesn’t actually exude confidence that LOGL has any chances of bouncing back to the levels it spiked to in July.

You look at what BISN stock is doing (up 52% since the pump turned on) with no producing assets to speak of and then you compare it to LOGL stock, which booked $627,449 and $1,150,773 for the 3 and 6 months ended June 30, and you are forced to scratch your head in disbelief. They are not only doing what they are supposed to be doing, but they are doing it with money secured from The National Bank of Canada and not toxic money from the likes of Asher Enterprises or TCA Global Masterfund.

Even if you consider that, on July 10, Legend Oil & Gas got $900,000 by issuing an 8% Original Issue Discount Senior Secured Convertible Debenture to Hillair Capital Investments, L.P. in the amount of $1,008,000, convertible at a rate of $0.0561, and payable on or before December 1, 2014, LOGL stock still shouldn’t be such a piss-poor performer like it has been over the last 4 months.

With their Q filing late, the numbers that come out on it may offer another perfect scenario for which Marshall Diamond-Goldberg and James Vandeberg can sell more shares from their recently amended Stock Incentive Plan into any buying activity that might occur. Sadly, it looks like it’s going to take an enormous amount of bullish activity if LOGL stock is going to see a dime again.

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About LOGL Stock

Legend Oil and Gas, Ltd. is an oil and gas exploration, development and production company with revenue producing property interests located in Western Canada, northern North Dakota and in the Piqua region of the State of Kansas.

Click here to view the SEC filings for LOGL.
Click here to view the website for Legend Oil and Gas.

Last 5 Trading Sessions:

Date Open High Low Last Change % Change Volume
11/15/13 0.0370 0.0480 0.0370 0.0480 +0.0030 +6.67% 74,300
11/14/13 0.0401 0.0450 0.0352 0.0450 -0.0030 -6.25% 83,200
11/13/13 0.0401 0.0480 0.0401 0.0480 +0.0079 +19.70% 77,100
11/12/13 0.0450 0.0480 0.0401 0.0401 unch unch 92,200
11/11/13 0.0401 0.0450 0.0401 0.0401 unch unch 86,500


Bottom Line:

LOGL is so cheaply priced for what they actually produce that you can’t not want to put them on the list of penny stocks to watch. Assuming the Q for the 3 months ended September 30 is spectacular, remember to curb as much long-enthusiasm you may have due to the overzealous message created by the 2 insiders selling shares of LOGL has been broadcasting. In a real world, this would be a half-dollar stock, but it’s pennyland so it is what it is.

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