OIL CITY, La., June 23, 2010 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc.'s ("the Company", "Dragon") (Pink Sheets:BDGR) Chairman and CEO Mr. Scott D. Smith is pleased to announce today that Black Dragon oil leases produced 1854.58 gross barrels of oil in the month of May. This figure does not include the addition of any oil being produced by the Humble EOR project which we expect to announce shortly.
According to Scott Smith, "We seek to increase production by using 21st century technologies to bolster output on our producing leases as well as by expeditiously putting more of Black Dragon's large inventory of oil and gas wells into production. These 21st century technologies include the use of a patented proven chemical which can increase oil flow on existing wells. We are also targeting several wells that will be included in our new shallow depth Annona Chalk horizontal drilling program which has proven itself effective at increasing production immensely in wells of this type."
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 re-complete 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.