Black Dragon Leases in Caddo Parish
Does anyone know anything about this company? Also, any details regarding lease terms.
thanks, jhh
Black Dragon Snaps Up Lease in Louisiana's Caddo Parish
Black Dragon Resource Companies, Inc. |Thursday, October 08, 2009
Black Dragon announced the closing of the agreement to acquire an interest in a 640 acre lease in the Caddo-Pine Island Field in Caddo Parish, Louisiana. This was reported in progress in earlier releases. This is a very attractive oil and gas region. Black Dragon has rights from the surface down to the top of the Haynesville Shale reservoir, and the depths below the Haynesville. However, as a good extra, the Company also obtained a royalty override in the Haynesville. The Haynesville is a highly productive gas zone at depths around 9000 ft. A major gas company has the majority interest in this Shale in this lease. The Haynesville Shale stretches across East Texas and North Louisiana. It has been highly productive and has been exploited most recently by several major gas companies for its immense reserves. Holding a percentage in the Shale is an attractive economic asset for Dragon.
Black Dragon CEO, Dr. Bailey, reported that on one side of the new lease, a new well was drilled that is producing around 29 mmscf a month and 190 barrels of oil. On the other side of Dragon's lease is another new well, perhaps the largest ever in the Cotton Valley zone there, producing 11 mmscf per month. This bodes well for the Dragon potential with a number of oil and gas zones.
Dragon has engaged Petrolind Drilling Co. to drill two gas wells as soon as permits are approved by the Department of Conservation. It is expected that drilling will commence within the next 60 days in the Nacatoch zone around 1000 ft. In this upper zone, Dragon has an 80% revenue interest, with a 75% working interest. The potential of this lease remains to be proven, but these first two wells have the potential to add attractive reserves. Pending commercialization of this project, it will open the opportunity for several more wells in this program. Also below the gas zone there are other oil reservoirs that might also be targeted.
thanks, jhh
Black Dragon Snaps Up Lease in Louisiana's Caddo Parish
Black Dragon Resource Companies, Inc. |Thursday, October 08, 2009
Black Dragon announced the closing of the agreement to acquire an interest in a 640 acre lease in the Caddo-Pine Island Field in Caddo Parish, Louisiana. This was reported in progress in earlier releases. This is a very attractive oil and gas region. Black Dragon has rights from the surface down to the top of the Haynesville Shale reservoir, and the depths below the Haynesville. However, as a good extra, the Company also obtained a royalty override in the Haynesville. The Haynesville is a highly productive gas zone at depths around 9000 ft. A major gas company has the majority interest in this Shale in this lease. The Haynesville Shale stretches across East Texas and North Louisiana. It has been highly productive and has been exploited most recently by several major gas companies for its immense reserves. Holding a percentage in the Shale is an attractive economic asset for Dragon.
Black Dragon CEO, Dr. Bailey, reported that on one side of the new lease, a new well was drilled that is producing around 29 mmscf a month and 190 barrels of oil. On the other side of Dragon's lease is another new well, perhaps the largest ever in the Cotton Valley zone there, producing 11 mmscf per month. This bodes well for the Dragon potential with a number of oil and gas zones.
Dragon has engaged Petrolind Drilling Co. to drill two gas wells as soon as permits are approved by the Department of Conservation. It is expected that drilling will commence within the next 60 days in the Nacatoch zone around 1000 ft. In this upper zone, Dragon has an 80% revenue interest, with a 75% working interest. The potential of this lease remains to be proven, but these first two wells have the potential to add attractive reserves. Pending commercialization of this project, it will open the opportunity for several more wells in this program. Also below the gas zone there are other oil reservoirs that might also be targeted.
Views: 54
Replies to This Discussion
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Permalink Reply by Skip Peel - Mineral Consultant on
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Permalink Reply by JHH on
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Thanks Mr. Peel, but i've been to their web page and didn't find any lease terms... lease bonus... royalty %... how many years for the lease. only found some lawsuit press release. jhh
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Permalink Reply by Skip Peel - Mineral Consultant on
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You will not find any lease terms because this is not a lease. But if you spend a little time studying the information contained in the website, you will discover other interesting facts. IMO, this is a "farm in" by BD, not a lease in the sense you are stating. The HA ORRI is just a part of that agreement but one that should raise a few eyebrows. I posted this topic on the North Caddo page when the new release first appeared. Those who may be interested can read more there.
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Permalink Reply by JHH on
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ShaleGeo, It seemed unusual. Thanks for the insight. Another reason why this website helps. jhh
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Permalink Reply by Skip Peel - Mineral Consultant on
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Jay. There are other even more interesting elements of this report for those who wish to dig. And I respectfully disagree. This is exactly the kind of company that needs its own discussion thread. I hope the North Caddo members are tuned in and watching out for their family, friends and neighbors.
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Permalink Reply by JHH on
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I've been looking for the North Caddo discussion board regarding Black Dragon. Would you please provide the link or instructions that i could follow. thanks, jhh
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Permalink Reply by Skip Peel - Mineral Consultant on
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There's not much there but you may find it of interest.
http://www.gohaynesvilleshale.com/group/NorthCaddo/forum/topics/bla... -
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Permalink Reply by Spring Branch,mineral owner on
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"On the other side of Dragon's lease is another new well, perhaps the largest ever in the Cotton Valley zone there, producing 11mmscf per month"...................What the heck is scf........square cubic feet? At 11 million per month, if that is "perhaps the largest ever in the Cotton Valley zone there", the wells must all really be barn burners! NOT! I was in the stock market business long enough to know a penny stock promoter when I see one.
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Permalink Reply by K E on
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This is one of those companies where homework on tracing all the officers is imperative if you don't want to engage in tremendous risk.
Look at this site: http://www.black-dragonoil.com/pressreleases.php
Search for OMDA and/or the last name Lanza.
Then, spend some time looking up OMDA and the lawsuit that has been pending for some time.
Personally, my business dealings with these people cost me dearly. Run, Forest, run.
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By the way, some of the people involved with Black Dragon also own the old Smith's Cross Lake Inn. Likewise, food suppliers and other people who serve the food and beverage industry can provide extra insight into the shyster business practices there. Again, run, run, far away.
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