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LEGEND OIL & GAS, LTD. FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

August 20, 2014

Item 1.01 Entry Into A Material Definitive Agreement



On August 14, 2014, Legend Oil & Gas, Ltd. ("Legend") and its wholly owned Canadian subsidiary, Legend Energy Canada, Ltd ("Legend Canada"), entered into a mutual settlement and release agreement with the National Bank of Canada ("NBC") (the "Agreement"). Under the terms of the Agreement, (i) Legend and Legend Canada are released and discharged by NBC of any obligations under that certain general security agreement dated May 11, 2012, the letter of guarantee, dated May 11, 2012, and the letter of financing entered into on July 17, 2012; (ii) NBC shall release its security interests held in the assets of Legend; and (iii) Legend shall pay NBC CDN$250,000.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation



under an Off-Balance Sheet Arrangement of a Registrant

See information disclosed under Item 1.01.

Item 9.01 Financial Statements and Exhibits.



Exhibits 99.1 Press Release

99.2 Mutual Settlement and Release Agreement by and between Legend Oil & Gas, Ltd., Legend Energy Canada Ltd. and National Bank of Canada dated August 14, 2014



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Source: Edgar Glimpses


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