Black Dragon Reaches Final Agreement On 640 Acres
GlobeNewswire News Releases
Published: 08/19/09 08:00 AM EDT
Released By:
Black Dragon Resource Companies, Inc.
Rating:
Related Stocks:
BDGR



OIL CITY, La., Aug. 19, 2009 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc. ("the Company", "Dragon") (BDGR) has announced that an agreement has been reached with certain landowners in Caddo Parish, LA, for an 80% revenue interest, with a 75% working interest lease on 640 acres. Under the lease agreement, two wells must be drilled before the middle of December, 2009. These are shallow oil wells, under 3000 ft. Drilling will be contracted by competitive bidding. A five well program is anticipated that could add significant reserves, yet to be calculated, to the Company. In addition, as the Operator on this lease, it puts Black Dragon in a good economic position as this property overlays the attractive Haynesville Shale and could attract other development interest.

Black Dragon is an oil and gas exploration and production company currently focused on the acquisition of mature, producing and existing domestic oil and gas fields. This focus has eliminated exploration risk, reduced costs of completion, and provided rapid generation of income in a niche market where larger independent and major oil companies are not positioned to compete. Black Dragon intends to recomplete additional shallow producing wells and to expand its focus to include drilling of new wells, some to deeper levels and to purchase additional leases.

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.
R G Bailey
318-995-0404
bdgroil@bellsouth.net
www.black-dragonoil.com