OIL CITY, La., Feb. 24, 2010 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc.'s ("the Company", "Dragon") (Pink Sheets:BDGR) Chairman and CEO, Mr. Scott D. Smith, announced today that he has been in discussion with another company to purchase BDGR. At this time we are only in preliminary discussion. Mr. Smith also stated that year end financials have finally been sent to council. By getting our financials current and updating our disclosure statement, Mr. Smith hopes to have "Green Light Status" restored to the company's Pink Sheets profile soon.
The 1st Humble well was perforated on Monday, showing great gas pressure. With this show of gas, the company is hopeful that future overhead costs will be reduced once the project reaches its tertiary recovery phase by alleviating cost of powering the boiler by alternative means. The remaining wells will be completed aggressively over the coming weeks. Additional investment projects are being reviewed by the board and all offers are being considered.
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.