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By Ekaterina Zelenkova
Jul 27, 2011

The Bullish Mood on Legend Oil and Gas Ltd (OTC:LOGL) Stock Is Still Hot

LOGL_price chart_270711.jpgThe formed yesterday bullish hummer on the price chart of Legend Oil and Gas Ltd (OTC:LOGL) stock, possibly came to present to investor, that the euphoria of acquisition news and inspiration, based on stock alerts are still ruling the game.

Though these days there were no any new developments related to LOGL and the Canadian International Sovereign Energy Corp. (TSE:ISR), shares of Legend are climbing up again in exceeding the quarterly average for the company trading volume.

Although the MACD line, being above the red MA, last two trading sessions are somewhat suggesting, that the bullish mood on LOGL is still hot. Yesterday, LOGL closed the market at $2.36 per share, adding 2.16%  to its value from the previous day.

Experts say, that the bullish hummer is drawn on the stock's price chart, when professional traders enter the market to grab shares at a lower price. Maybe, this was the case with LOGL yesterday, or maybe, not?

In mid July, Legend Oil and Gas Ltd filed for SEC the signed  non-binding letter of intent with ISR to acquire all of ISR’s interests in land and production in Canada.

The company disclosed as well information, that the value of the deal is $17.0 million in a cash and shares.

LOGL_from the site.pngThe announcement evoked the initial investors' bullish mood, but after that, came the time for detailed DD on both companies. It could be the reason as well, for the cooled enthusiasm and the price correction of LOGL few days after recorded new 52 week high.

On the one side, the targeted by Legend Canadian ISR reported as of the end of this March a working capital deficit of $5.4 million. For Q1, ISR had accumulated deficit of $20.4 million, and loss of $1.5 million. The company presented also property, plant and equipment, valued at $11.2 million and exploration and evaluation assets of $1.8 million.

On the other side, for the quarter ended March 31, 2011, before the announced deal for millions, Legend Oil and Gas Ltd reported total assets of $854 thousand. In this amount, cash and cash equivalents are only $53 thousand.

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Going Up!

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