PressMediaWire - OIL CITY, La., October 9, 2009 -- Black Dragon
Resource Companies, Inc. ("the Company", "Dragon") (Pink Sheets:BDGR -
News has issued a correction on the 640 ac lease report. The net
revenue interest is 84% rather than 80%, and the working interest is
100% rather than 75%.
Dragon is now holding a very strong
position in this development. Also to further clarify the comment on
the nearby Cotton Valley well, in 2008 the well came in at 11 mmscf per
day, and has averaged 3.8 mmscf per day of gas and 11 barrels per day
of oil, basis public reports. This is a very productive well. The
significant point is the lease now held by Dragon includes this same
Cotton Valley zone with a net revenue interest of 84%. At the same time
Dragon has a 4% royalty in the Haynesville Shale in this same lease.
Currently there are Haynesville prospects being drilled in contiguous
acreage to the Dragon leasehold. The attractive gas finds in the
Haynesville have been widely publicized and the Company is excited to
have a position in this reservoir.
Black Dragon is an oil and
gas exploration and production company currently focused on the
acquisition of mature, producing and existing domestic oil and gas
fields. This focus has eliminated exploration risk, reduced costs of
completion, and provided rapid generation of income in a niche market
where larger independent and major oil companies are not positioned to
compete. Black Dragon intends to recomplete additional shallow
producing wells and to expand its focus to include drilling of new
wells some to deeper levels and to purchase additional leases.
Forward-Looking Statements -
Safe
Harbor: Certain information discussed in this press release may
constitute forward-looking statements within the Private Securities
Litigation Reform Act of 1995 and the federal securities laws. Although
the Company believes that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions at the
time made, it can give no assurance that its expectations will be
achieved. Readers are cautioned not to place undue reliance on these
forward-looking statements. Forward-looking statements are inherently
subject to unpredictable and unanticipated risks, trends and
uncertainties such as the Company's inability to accurately forecast
its operating results; the Company's potential inability to achieve
profitability or generate positive cash flow; the availability of
financing; and other risks associated with the Company's business. The
Company assumes no obligation to update or supplement forward-looking
statements that become untrue because of subsequent events.
Contact Information:
Black Dragon Resource Companies, Inc.
R. G. Bailey
Phone: 318-995-0404 Ext:
Website
Email Us
Press Release Keywords:
bdgr,Black Dragon,Oil,Gas,Production,Exploration
