The company said it has completed permitting process of 20 wells.
Legend Oil and Gas president and CEO Marshall Diamond-Goldberg said the Woodson County drilling completed in 2011 on the Piqua property which resulted in a significant increase in production from its leases.
"As a result of the 100% success we achieved from the two programs last year, we felt a larger scale drilling program aimed at significantly increasing production was warranted," said Diamond-Goldberg.
"With the softness of natural gas prices having affected our Canadian asset base, coupled with the low-risk and low-cost oil drilling available to us in Kansas, we feel our capital would be best utilized in an area which would produce a greater return on our investment and increase shareholder value."
The company is currently is currently in discussions with its financial partners to secure funding to finance its drilling program.
The anticipated equity financing will also help reduce the company’s outstanding bank debt.
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