Arkana Field
BLACK DRAGON RESOURCE COMPANIES, INC. ANNOUNCES THE ACQUISITION OF 3,000 ACRE OIL AND GAS MINERAL LEASE
Black Dragon Resource Companies, Inc., (Pink Sheets:BDGR) announced today the acquisition of 51% of the working interest in a 3,000 acre oil and gas mineral lease with two existing 11,000 foot wells located on the Louisiana and Arkansas border, in the Arkana field of Bossier Parish, Louisiana. Black Dragon has 90 days to test the wells at its expense, and connect them to the Apache Corporation gas sales pipeline immediately adjacent to the lease and to tank batteries for oil production before paying 300,000 in cash and restricted shares for its interest.
The analysis of the logs and other data conducted for the Company indicates multiple pay zones in each of the wells. A recent test indicated initial potential on one of the wells at 50 barrels of oil per day, and 400,000 cf of gas per day from the zone currently completed at approximately 8,000 feet below the surface. Our engineer has indicated that a deeper gas zone might be more prolific. "We immediately took advantage of this new opportunity. Our intention is to establish production in both wells within the next month and observe the results," said Rick Michael, President of Black Dragon. "We believe that the initial returns should more than justify the investment before we exercise the option. Over time we will develop the undrilled acreage and the unexploited zones. With very limited risk Black Dragon has once again significantly enhanced our portfolio and will generate another great source of revenue."
Mr. Michael concluded by saying that "This additional area of development and assets provide Black Dragon with over 15,000 acres of oil and gas interests under development and on track to our previously stated goal of 30,000 barrels of oil per month and 20 million cf of gas per month by year end. We are gratified that our model of internal growth and accretive acquisitions representing value to our shareholders continues to be validated. This property has had the benefit of several million dollars of development over the last twenty years and we are getting it for a fraction of that amount."
As earlier stated the Company is working with its auditor to complete its work and become a fully reporting company in the near future.
About Black Dragon Resource Companies, Inc.
Black Dragon is focused on the recovery of oil and gas reserves through acquisition and project development, specializing in mature and marginal field enhancement, developmental exploitation drilling and low-risk exploration opportunities in the Texas and Louisiana regions.
Forward-Looking Statements
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.
COPYRIGHT 2006 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning
Black Dragon Resource Companies, Inc., (Pink Sheets:BDGR) announced today the acquisition of 51% of the working interest in a 3,000 acre oil and gas mineral lease with two existing 11,000 foot wells located on the Louisiana and Arkansas border, in the Arkana field of Bossier Parish, Louisiana. Black Dragon has 90 days to test the wells at its expense, and connect them to the Apache Corporation gas sales pipeline immediately adjacent to the lease and to tank batteries for oil production before paying 300,000 in cash and restricted shares for its interest.
The analysis of the logs and other data conducted for the Company indicates multiple pay zones in each of the wells. A recent test indicated initial potential on one of the wells at 50 barrels of oil per day, and 400,000 cf of gas per day from the zone currently completed at approximately 8,000 feet below the surface. Our engineer has indicated that a deeper gas zone might be more prolific. "We immediately took advantage of this new opportunity. Our intention is to establish production in both wells within the next month and observe the results," said Rick Michael, President of Black Dragon. "We believe that the initial returns should more than justify the investment before we exercise the option. Over time we will develop the undrilled acreage and the unexploited zones. With very limited risk Black Dragon has once again significantly enhanced our portfolio and will generate another great source of revenue."
Mr. Michael concluded by saying that "This additional area of development and assets provide Black Dragon with over 15,000 acres of oil and gas interests under development and on track to our previously stated goal of 30,000 barrels of oil per month and 20 million cf of gas per month by year end. We are gratified that our model of internal growth and accretive acquisitions representing value to our shareholders continues to be validated. This property has had the benefit of several million dollars of development over the last twenty years and we are getting it for a fraction of that amount."
As earlier stated the Company is working with its auditor to complete its work and become a fully reporting company in the near future.
About Black Dragon Resource Companies, Inc.
Black Dragon is focused on the recovery of oil and gas reserves through acquisition and project development, specializing in mature and marginal field enhancement, developmental exploitation drilling and low-risk exploration opportunities in the Texas and Louisiana regions.
Forward-Looking Statements
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.
COPYRIGHT 2006 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning
Views: 303
Replies to This Discussion
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Permalink Reply by Pittboss33 on
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I think this article was from a few years ago, wasn't it? I think they have fallen on hard times since then.
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Permalink Reply by Susie on
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Black Dragon Resource Companies, Inc.: Black Dragon Resource Companies Inc., announces that for the six month period ending June 30, 2008, estimated gross revenue to be over $2,600,000.00, and a change in management
Black Dragon Updates Status of Management Change31 minutes ago - Businesswire Clyde Smith, President of Black Dragon Resource Companies, Inc (BDGR: Pink Sheets), announced today that he has completed his initial survey of Black Dragon's properties and is confident that he will be able to increase the production of the Company's existing wells and intends to increase the number of wells in operation in the very near future including completing two new drilled wells in the next few weeks. He reported that he has received the cooperation of Joseph Lanza, the former President of the Company and all field personnel. Smith also announced that Frohling Associates, LLC continues to serve as Corporate and Securities Counsel to the Company. Mr. Lanza stated that he was very pleased that Clyde Smith has taken over the Company's operations, as he has extensive field experience and an excellent handle on operations. He is providing the day-to-day leadership for the operations. Mr. Smith has over 14 years experience in the oil and gas business. He was president and owner of an oil and gas operation company involved in leasing, drilling and reworking oil and gas wells in Mississippi, Louisiana, and Texas for independent and major oil companies. Mr. Smith was one of the first to successfully utilize satellite imaging to assist in the determination of drilling sites. Mr. Smith's career also includes 22 years in research and development with Monsanto Corporation. Mr. Kelsoe has forty years experience in process engineering and chemical manufacturing. He has worked in North America, Central America, and South America in the chemical manufacturing for the wood-treating, pulp and paper and down hole oil well solvents. He has engineered and constructed projects for International Paper Company, Beaverbrook Foundation (London) and other fortune 500 companies. He also holds many current US Patents for the manufacture of cellulose treatment processes and down hole solvents. "I am extremely excited about the prospects of the Black Dragon properties and will make every attempt to regain shareholders confidence and increase share value," stated Mr. Smith, CEO of Black Dragon Resource Companies, Inc. Our new management team will immediately begin to execute our strategic plan of increasing current production, putting additional leases in production and exploring the potential of additional deeper pay zones. The Board of Directors has approved
Black Dragon Resource Companies, Inc.: Black Dragon Resource Companies Inc., announces that for the six month period ending June 30, 2008, estimated gross revenue to be over $2,600,000.00, and a change in management
Black Dragon Updates Status of Management Change31 minutes ago - Businesswire Clyde Smith, President of Black Dragon Resource Companies, Inc (BDGR: Pink Sheets), announced today that he has completed his initial survey of Black Dragon's properties and is confident that he will be able to increase the production of the Company's existing wells and intends to increase the number of wells in operation in the very near future including completing two new drilled wells in the next few weeks. He reported that he has received the cooperation of Joseph Lanza, the former President of the Company and all field personnel. Smith also announced that Frohling Associates, LLC continues to serve as Corporate and Securities Counsel to the Company. Mr. Lanza stated that he was very pleased that Clyde Smith has taken over the Company's operations, as he has extensive field experience and an excellent handle on operations. He is providing the day-to-day leadership for the operations. Mr. Smith has over 14 years experience in the oil and gas business. He was president and owner of an oil and gas operation company involved in leasing, drilling and reworking oil and gas wells in Mississippi, Louisiana, and Texas for independent and major oil companies. Mr. Smith was one of the first to successfully utilize satellite imaging to assist in the determination of drilling sites. Mr. Smith's career also includes 22 years in research and development with Monsanto Corporation. Mr. Kelsoe has forty years experience in process engineering and chemical manufacturing. He has worked in North America, Central America, and South America in the chemical manufacturing for the wood-treating, pulp and paper and down hole oil well solvents. He has engineered and constructed projects for International Paper Company, Beaverbrook Foundation (London) and other fortune 500 companies. He also holds many current US Patents for the manufacture of cellulose treatment processes and down hole solvents. "I am extremely excited about the prospects of the Black Dragon properties and will make every attempt to regain shareholders confidence and increase share value," stated Mr. Smith, CEO of Black Dragon Resource Companies, Inc. Our new management team will immediately begin to execute our strategic plan of increasing current production, putting additional leases in production and exploring the potential of additional deeper pay zones. The Board of Directors has approved of President Smith's plan whereby he has agreed, at his own expense, to complete two wells, one of which has been drilled and the second which has been sputted with drilling and completion expected to be accomplished within the next two weeks. Mr. Smith has agreed to purchase Joseph Lanza's stock position and has committed to advance substantial additional funds to the Company to provide the capital needed to improve the Company's present production level and to expand the operations. No details of the financial arrangement between Messers Lanza and Smith were released nor has Mr. Smith stated when he will contribute any additional funds needed but agreed to complete the two new wells in progress and to fund any of the Company's future short falls, as needed. Mr. Lanza will remain a Director until Mr. Smith's commitments are fulfilled, but has resigned as President. About Black Dragon Resource Companies, Inc. (www.black-dragonoil.com) Black Dragon specializes in increasing the production of crude oil and natural gas from wells whose production amounts to 15 barrels of crude oil or less per day. The reduced production of these wells, a result of abandonment or plugging because of dropping prices of crude oil through the 1980s, represents a significant opportunity to capitalize on local resources, while lessening domestic dependence on foreign oil. Black Dragon continues to acquire wells in the oil-rich regions of Louisiana and Eastern Texas, augmenting its portfolio to over 400 operating oil wells. Forward Looking Statements: -
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Permalink Reply by Allen67 on
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Susie, is there any way you can find out when this was published. Arkana is on the arla line which is extremely close to me. Thanks
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Permalink Reply by Excited Bossier on
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Send them an email to their site Allen...won't hurt anything...looks to me like they are still in business...says they have an office in Oil City La.
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Black Dragon Acquires 19 Oil and Gas Wells; 914 Acres in Hosston Field, Caddo Parish, Louisiana
Business Wire, August 3, 2006 E-mail Print Link AUSTIN, Texas -- Black Dragon Resource Companies, Inc. (OTCPK: BDGR) announced today the acquisition of six oil and gas leases comprising 914 acres of mineral rights and 19 existing oil wells in the Hosston Field, Caddo Parish, Louisiana. The purchase was achieved with restricted common stock and cash.
Rick Michael, President of Black Dragon, stated "contractor's rigs and crews should complete operations to place all of these wells in production by the end of August. Based on prior production these wells should exceed 1,000 barrels per month in production."
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(OTC: BDGR) Completes New Wells in Hosston Field Mr. Michael further announced that Black Dragon's service contractor is scheduled to provide 2 additional pulling units and 2 swab units to Black Dragon during August in addition to the 5 rigs currently conducting operations on Black Dragon's land based wells and the rigs operating on Caddo Lake.
"We are moving as quickly as possible to increase production from our existing inventory of wells and will continue to acquire additional wells and acreage in our areas of operation. Our criterion for acquisition of low risk rapid return on investment continues unabated."
About Black Dragon:
Black Dragon Resource Companies, Inc. is oil and gas production company focused on the acquisition of mature, producing and existing U.S. oil and gas fields. The Company's focus on mature, domestic oil fields eliminates exploration risk, reducing costs, and provides immediate generation of income in a niche market where larger independent and major oil companies are not positioned to compete.
Forward-Looking Statements
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.
COPYRIGHT 2006 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning
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Search pinksheets.com, electronic OTC stocks. Also BNET, Business Network.(Black Dragon-Symbol BDGR)
All I know is...
.....Petrohawk aquired Winwell Resources for $208 million in 2006.........
I get a check from JAG Operating for Arkana Field- I had a question so I called them. They said they bought Apache's interests there. The caller ID said Winwell Resources. So many aquisitions and mergers? Go figure....then let me know what's going on!
My daughter owns land in Hosston and so much going on there she can't figure it out. Land's being cleared, big gates are locked-busy, busy..
Good luck!!!!!!!! -
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the company I work for has already leased that land last year. That lease is expired.
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Pittboss, Just read paper where company has just gotten approval for a field in arkana from arkansas commission. Also , who do you work for and is the company you work for interested in anything in arkansas or are yall already here?
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They must have a lease on the Ark. side now. We have approximately 5000 acres under lease in the Arkana field. I work for a local company, and we are not of the opinion that the Haynesville Shale is here. I believe they might be looking for a shale formation in Arkansas, just not the Haynesville. It would likely be even deeper and might not be financially logical to produce.
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Any idea as to why they are trying to lease 100,000 acres 2-3 miles north of there
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Permalink Reply by crudedude on
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Black Dragon is a stock scam imho
Read what the shareholders think http://investorshub.advfn.com/boards/board.aspx?board_id=4293 -
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