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Our purpose is to assist in fueling North America’s energy requirements guided by relentless focus on our six imperatives. Honesty, integrity and commitment are vital to driving our growth and success. We maintain a high standard of business practices which translate into unparalleled value for our shareholders. To achieve our mission, we will conduct our business with these six responsibilities in mind: obey the law, stimulate economic growth, be environmentally responsible, expand opportunities for our employees, respect our vendors, and reward our shareholders. To date, the main focus of the Company has been the acquisition of low cost assets with significant development potential. The Piqua project in Kansas had been lightly developed when acquired, and its low-cost drilling and solid financial return is providing a repeatable and low-risk facet of the Company’s growth strategy. Drilling to date has been 100% successful with an average 10 months to payout of drilling expenses incurred. Reserve valuations have increased from less than $1.0 million to almost $3.0 million in the two years the Company has owned the property. The Bakken lands in Divide County, North Dakota, carry a steep development cost with wells ranging from $6.0-$8.0 million each. As a result, Legend has monetized the acreage while retaining a royalty interest, which allows the Company to continue to participate in the revenue generated through the drill bit, without any additional cost incurred. The royalty continues on the land indefinitely. As drilling on the acreage is still some time away due to priorities of the majority owners, the conversion of our interest to a royalty for Legend is currently unpredictable. Legend will participate in the revenue stream when the wells get drilled. As a non-operator, Legend will utilize the expertise and logistical capabilities of larger companies, without encumbering its balance sheet with expensive rig contracts and extraneous expenses. Legend’s Canadian acquisition affords it the opportunity to enjoy a stable production base coupled with an abundance of undeveloped land with access to a number of low-risk oil development projects. Although the Company has sold a number of smaller production properties, it still maintains a high working interest and solid production and revenue on its remaining assets. Due to saturated drilling around the Company’s Swan Hills property, reserves were drained before Legend could drill a well there. The Company was however able to monetize the small land position for a value in excess of $200,000 per flowing barrel.
Pangaea tracks Oklahoma Corporation Commission Regulatory Filings for the Oil & Gas Industry
Royal Sands Condominiums is a West New York, NJ-based company in the Energy and Utilities sector.
Artumas Group Inc. is a Calgary, AB-based company in the Energy & Utilities sector.
In operation since 2010, the Alaska Gasline Development Corporation is leading the Alaska LNG integrated natural gas infrastructure and export project. Alaska holds America`s largest concentration of proven, conventional, but stranded gas supply. The project will move North Slope natural gas through the resource-rich center of Alaska so that Alaskans and others in the world will have access to clean and affordable energy. The Alaska LNG project is one of the important projects being built in the United States and will provide jobs and improve the trade balance with Asian countries. Alaska gave birth to the US-Japan LNG trade and now seeks to be the strategic supplier of LNG to the Asia-Pacific region.