LOGL Legend Oil

Legend Oil and Gas – LOGL

Oil & Gas penny stocks have always been pretty consistent favorites for day traders. There are hundreds of the out there on both the OTCBB and Pink Sheets. Mining Penny Stocks are a favorite for both longer term investors and day traders because they are often news driven. The right news announcement can send any given company skyrocketing in a matter of minutes.

Legend Oil & Gas (OTCBB:LOGL). LOGL is a junior minor who operates in the Bakken Shale Oil Field in North Dakota. This is the new hotspot for drilling in America. It is estimated that the Bakken holds between 3 and 5 billion barrels of recoverable oil.  Geologists have known about the Bakken for a long time but it wasn’t even on the radar until oil prices pushed above $140. Then the Bakken became an economically feasible place to explore for oil as shale is extremely expensive to mine from.

The question is, does LOGL have quality properties in the Bakken and are the able to pull oil out of the ground at a cost affective price. There is no doubt that LOGL is in the right area of the world. Companies like Marathon, Hess, Chesapeake, Continental, EOG, Burlington and Whiting produced an astonishing 42.5 million barrels of oil from only 1,541 wells. At least 10 companies have doubled or even tripled since they started producing oil out of the Bakken.

I will be keeping an eye on Legend Oil and gas LOGL over the next few months. The company just started trading in March and we have seen it creep up slowly with some days having decent volume. LOGL could turn into a hot penny stock with the right news announcement but it is still unproven. I will keep watching for news on this one.

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