Black Dragon Resource Companies Inc. Substantially Increases Oil Production from 1st to 3rd Quarter
October 06 2010 - 8:00AM
Black Dragon Resource Companies, Inc. ("the Company," "Dragon")
(Pink Sheets:BDGR) is pleased to announce today that company oil
production increased 51.7% from the 1st to the 3rd quarter.
Management announced today that production for the 3rd quarter was
7,236 barrels. September monthly production was down slightly to
2,521 barrels.
1st quarter: 4,270 |
2nd quarter: 6,536 |
3rd quarter: 7,236 |
Management's goal for September was 3,033 barrels thereby
missing this goal by 512 barrels. However, 400 plus barrels
were not picked up because the bsw was 0.2% and bsw cannot be over
0.1%. 9 month total production was 18,542 barrels, averaging 2,060
barrels per month. Management still remains confident with recently
announced guidance figures for the remainder of 2010.
Management feels that 4th quarter production will reach
over 15,000 barrels, whereby the company could produce 33,342
barrels in 2010, or an average of 2,795 barrels per month.
With the price of oil now over $81.00/barrel and production on
the rise, the company has the possibility of grossing over 1
million dollars for the quarter.
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.
Brian Holden
913-226-3818
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