OIL CITY, La., Sept. 25, 2009 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc. ("the Company", "Dragon") (Pink Sheets:BDGR) CEO Dr. Bailey has reported progress after renewed emphasis on production reviews and operations. The effort is definitely showing positive results. Preliminary data from August indicate production and subsequent revenue were up over 50% from the previous month. There is still considerable improvement to be made, said Bailey, but it appears the corner has been turned.
All leases have been analyzed as to productivity and costs of operations, and actions are being taken to address any minor problems in order to have them function/produce more efficiently. The fields are being pushed to achieve full production potential, which might ultimately reach 4000-5000 bbls per month without the new wells Black Dragon is planning on drilling.
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.