Black Dragon Resource Companies Inc. Adds Nine Wells With Over 800 Barrels a Month With Additional Production; Buys Another Two Leases, Closing on a Third Lease Next Week; Revenues to Grow By Over $180,000
Posted on: Wednesday, 24 May 2006, 15:00 CDT
Black Dragon Resource Companies, Inc. (OTCPK: BDGR) President Richard Michael announced today that the Company has acquired another two more leases with seven wells producing around 220 barrels a month. Mr. Michael went on to state that they will complete a third purchase next week, which will consist of drillable acreage and two deep gas and oil wells, one 11,000 ft., the other 8,500 ft. Mr. Michael said, "That the two gas wells should produce 30 million a month and about 600 barrels of oil. Down hole pressure is over 1000 pounds in both wells. In total, these three purchases should add additional revenue of at least $180,000 a month to the companies growing revenue stream," added Mr. Michael.
About Black Dragon:
Black Dragon Resource Companies, Inc. is oil and gas production company focused on the acquisition of mature, producing and existing U.S. oil and gas fields. The Company's focus on mature, domestic oil fields eliminates exploration risk, reducing costs, and provides immediate generation of income in a niche market where larger independent and major oil companies are not positioned to compete.
Forward-Looking Statements
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.
Source: Business Wire
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