OIL CITY, La., Nov. 25, 2009 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc.'s ("the Company", "Dragon") (Pink Sheets:BDGR) Mr. Scott D. Smith, CEO, announces today that Dragon has acquired a small interest in a Paluxy depth well that was drilled this week. Core sample analysis and well logs look promising. Dragon hopes that the new well will be brought online to pay in commercial quantities within the next week.
Petrolind Drilling will be moving the rig from this new completion to the 640 acre lease to drill the gas wells as previously mentioned. Dragon hopes to spud said gas wells soon after the Thanksgiving Holiday.
Mr. Smith went on to say that he continues to work diligently to acquire additional property and production. He feels that there are a few key hurdles that need to be addressed before the end of the year so that Dragon is well positioned for 2010 such as raising operating capital and finding ways to reduce our debt.
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.