Legend Oil and Gas Ltd (LOGL)

[LGL8054]

JV partner looks good.

Bowood Announces Positive Alberta Bakken Drilling Results and
Expansion of Land Position
FOR IMMEDIATE RELEASE TSX VENTURE EXCHANGE: BWD
October 18, 2011 – Calgary, Alberta – Bowood Energy Inc. (“Bowood” or the “Company”) provides
the following operational update of its recent drilling and land acquisition activities in the Southern
Alberta Bakken play. Bowood is pleased with the early exploration results from its first two joint
exploration wells as well as other industry activity in the fairway. To date 85 wells have been
licensed and permitted in the play and 25 wells are currently on production. The recent level of
activity in the play continues to be a positive sign from industry that there is significant resource
potential in the fairway.
Spring Coulee Well
The Company’s first Southern Alberta Bakken horizontal well, located at Spring Coulee on Freehold
acreage has been completed. The well is now being equipped for production and first production is
anticipated within the next week. The well was drilled directionally to a depth of 2,197 meters with a
pilot hole through the Bakken system. Cores were taken in the Second White Specks and in the
Bakken petroleum system, including the lower Banff, the Exshaw and the Big Valley formations.
Analysis of the Bakken system core is consistent with Company’s expectations including vitrinite
reflectance analysis which indicates that the well is in an area that is optimally located for peak oil
generation. The horizontal section of the well was drilled to a 1,230 meter length and completed
with a 20 stage hydraulic fracture stimulation using water based fluids. Following stimulation, the
well was cleaned up for 15 days and recovered approximately half of the injected fracture fluid
together with 1,380 bbls of light oil. At the end of the 15 day clean up the well was swab tested at a
rate of approximately 220 bbls/day of oil at a 65% oil cut. The oil cut increased steadily throughout
the clean up and swab test, as water based injected load fluid from the fracture stimulation was
recovered from the well. In accordance with its joint venture agreement with Legacy Oil + Gas Inc.
(“Legacy”), Bowood incurred 20% of the costs to drill and complete the Spring Coulee well and
retains a 50% working interest in the well and surrounding lands.
Kipp Well
Drilling is now complete on the Company’s second Alberta Bakken horizontal well, located at Kipp on
the Blood First Nation Reserve. The well had a directional pilot hole drilled through the Bakken
system to the Nisku formation. The well was cored in the Second White Specks and in the Bakken
Petroleum system. The Kipp well was then drilled horizontally to a total measured depth of 3,610
meters and has been equipped for a 20 stage hydraulic fracture stimulation over the 1,290 meter
horizontal section. Completion operations are expected to commence in late October. Bowood is
paying 16% of the cost of the drilling and completion operations to retain a 40% working interest in
the well.
Land Acquisition
In September 2011, Bowood and its partner Legacy jointly acquired an additional 9,658 acres (4,829
net to each partner) of contiguous land offsetting the Spring Coulee well. The lands are expected to
be prospective for the Bakken Petroleum system and the shallower Second White Specks oil resource
play. This acquisition increases Bowood`s net land position in the Southern Alberta Bakken fairway
to approximately 110,000 acres.
About Bowood
With operations based in Calgary, Alberta, Bowood Energy Inc. is a TSX-V Tier 2 corporation. Through
its wholly owned subsidiary, Bowood Energy Ltd., the Company is engaged in the acquisition,
exploration, development, and production of oil and gas resources. Current projects are in the
Province of Alberta.
Reader Advisories
Forward-Looking Statements: Certain information in this press release is forward-looking within the meaning of
Canadian securities laws as it relates to anticipated financial performance, events or strategies. All statements
other than statements of historical fact contained in this news release are forward-looking statements. Readers
can identify many of these statements by looking for words such as will, anticipate, believe, plan, intend, target,
and expect or similar words that suggest future outcomes. Although management believes that the expectations
represented in such forward-looking statements are reasonable, there can be no assurance that such
expectations will prove to be correct.
Forward-looking information in this press release includes, among other things, information relating to: (i)
expectations regarding the Company's production results in its Bakken properties; (ii) expectations regarding
the completion and evaluation of the Company's wells; and (iii) expectations regarding the spudding, drilling
and completion of new wells, including the timing of such activities.
The forward-looking statements included in this press release involve substantial known and unknown risks,
uncertainties and assumptions, certain of which are beyond the Company's control. Such risks, uncertainties and
assumptions include, without limitation, those associated with oil and gas exploration, development,
exploitation, production, marketing, processing and transportation, loss of markets, volatility of commodity
prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other
producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain
required regulatory approvals and ability to access sufficient capital from internal and external sources, the
impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes
in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how
they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or
management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of
companies with respect to announced transactions and the final valuations thereof, and obtaining required
approvals of regulatory authorities. The Company's actual results, performance or achievements could differ
materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no
assurances can be given that any of the events anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what benefits that the Company will derive there from. Readers are cautioned that
the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect
the Company’s operations and financial results are included in reports, including the Company’s annual
information form for the financial year ended December 31, 2010, on file with Canadian securities regulatory
authorities and may be accessed through the SEDAR website (www.sedar.com). All subsequent forward-looking
statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly
qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements
contained in this news release are made as at the date of this news release and the Company does not undertake
any obligation to update publicly or to revise any of the included forward-looking statements, whether as a
result of new information, future events or otherwise, except as may be required by applicable securities laws.
BOE may be misleading, particularly if used in isolation. A BOE conversion of 6 Mcf: 1 bbl is based on an
energy equivalency conversion method primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Bowood
Energy Inc. was recognized as a TSX Venture 50® company in 2011. TSX Venture 50 is a trade-mark of TSX
Inc. and is used under license.
This news release is not for dissemination in the United States or to U.S. persons.
For more information on Bowood Energy Inc. (BWD: TSXV) and to see the updated corporate
presentation please visit our website at: http://www.bowoodenergy.ca or contact:
Robert F. Mercier
President and CEO
T: [phone]
E: [e-mail]
Mike Curtis
Investor Relations
T: [phone]
E: [e-mail]