OIL CITY, La., Sep 14, 2010 (GlobeNewswire via COMTEX) -- 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.
Buck
