Black Dragon in Negotiations to Acquire Deep Well Properties
September 14 2010 - 2:52PM
Black Dragon Resource Companies, Inc. ("the Company," "Dragon")
(Pink Sheets:BDGR) is pleased to announce today that the company is
in negotiations to acquire 4-5 deep right leases (3,000-12,000 ft.)
All leases have no depth restrictions plus the potential to add 2-3
sections (640 acres per section) for additional drilling.
Dragon would have enough of its own acreage to drill 8 Cotton
Valley wells and possible Haynesville Shale zones as well. The
purchase will happen in stages allowing for the turning on of the
first purchase, then the second, then the third, etc. Dragon hopes
to close on the first of these leases this week.
October production is estimated to see a 3,000-4,000 barrel
monthly increase in production. Upon completion of the purchase,
Dragon hopes to increase production to 10,000 barrels for the month
of December, dramatically increasing oil production numbers.
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: Black Dragon Resource Companies, Inc.
Investor Relations
Brian Holden
913-226-3818
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