Black Dragon Resource Companies, Inc. is in Negotiations to Sell Two Oil and Gas Leases
October 14 2010 - 9:20AM
Black Dragon Resource Companies, Inc. ("the Company," "Dragon")
(Pink Sheets:BDGR) is pleased to announce today that the company is
currently in negotiations to sell two oil and gas leases. Company
management hopes to close on the sale of the two oil and gas
properties within the next 10 days. The sale of these two leases
should bring sufficient funds to drill their percentage in the 8
deep wells. Management anticipates to drill between 8,000-13,700
plus feet.
The project is located in a very prolific location. Black
Dragon's landman has indicated to management that the properties
surrounding our leases are producing the following as of July, 2010
(the state is 60 days behind in publishing figures); one well is
producing in the Smackover formation (8,089 -10,280 ft) 16,542 mcf
and 260 barrels of oil a day. There are two Cotton Valley wells
with perfs at 8325 feet with production of 4,781 mcf and 50 barrels
of oil per day. An additional two Cotton Valley wells were drilled
with perfs at 7,997-8,010 feet, and both are still producing 4,352
mcf per day. There are 4 completed Haynesville Shale wells, with
perfs of 10,397-13,750 feet that have production of 11,883 mcf and
196 barrels of oil a day. All of these wells are settled in
production, not flush production. Management is confident that the
company can duplicate the current production of the surrounding
leases.
Management has been receiving numerous phone calls about the
viability and value of the company. We wish to direct the
shareholders to the June quarter financials on pinksheets.com and
all published press releases. The 3rd quarter financial statement
should be out within 2 weeks.
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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