OIL CITY, La., Oct. 27, 2009 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc. ("the Company", "Dragon") (Pink Sheets:BDGR) announces it has been in ongoing talks with the new acquisition operating company (doing about 2,000bls a month) for the past 2-3 months. BDGR is getting a details list and break down of all assets and equipment. BDGR is moving fast in order to close this deal in an expedited fashion. Company feels this is a lucrative deal with instantaneous profits and looks to update the market with more details in the coming days.
Furthermore BDGR is waiting impatiently for the weather to change in order to drill the first 3 oil & gas wells on the new 640 acre property. Company expects to be able to drill each well in about 2 days. The 1st and 2nd well will be around 1,000 feet deep and the 3rd well will be at a maximum of 3,000 feet deep. Petrolind Drilling sent a dozer out today on the drilling site however because of weather conditions the dozer got stuck.
Some additional BDGR photos showing oil & gas productions:
http://i767.photobucket.com/albums/xx311/bdgrbdgr/100_0369.jpg
http://i767.photobucket.com/albums/xx311/bdgrbdgr/100_0368.jpg
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Revenues for the first three quarters of 2009 will be released very soon. Because of oil & gas prices revenues were down over the past 12 months however the good news is the earnings increased and rose do to cut costs. BDGR is working hard to close this new acquisitions in order to have a strong 4th quarter. The company now has well diversified shareholder base of 2,300 as of September 30th 2009. Pinksheets.com has finally uploaded the full disclosure statement on BDGR in order for the company to be fully transparent. To view this visit: http://www.pinksheets.com/otciq/ajax/showFinancialReportById.pdf?id=25468.
Black Dragon is an oil & 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.