Today, the trading session may show to what extend the new acquisition plans of Legend Oil and Gas Ltd (OTC:LOGL) just reflected the performance of the company's stock.
Last Wednesday, Legend Oil and Gas Ltd. announced its intentions to purchase oil assets in Kansas from the company Double 7 Oil and Gas LLC. It is expected that only in a few weeks the two companies sign a definitive agreement for the acquisition.
The share price went up wild the same day. LOGL added to its value 13.66% to close at $2.33.
Last Friday, International Sovereign Energy Corp. (TSE:ISR) announced hot news as well. The company is in a process of selling almost all of its assets to LOGL. On October 19, 2011, in Toronto will be held a special meeting of the company's shareholders. The main topic of the agenda is to consider and to approve the sale of substantially all of the company's assets to Legend.
Looks like all those positive developments of Legend Oil and Gas Ltd. met investor appreciation towards the upward move of the company's stock only in the day of the released new acquisition in Kansas. Up to the end of the week, the following trading sessions have been marked with the red correction for the share price.
The weak investor activity during the last two trading sessions is not confirming the willingness to support the higher trading level of LOGL, though the upward move.