OIL CITY, La., Dec. 1, 2009 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc. ("the Company", "Dragon") (Pink Sheets:BDGR) is pleased to announce that its new CEO, Mr. Scott D. Smith, has arranged an agreement with its former CEO, Dr. R. G. Bailey, P.E., to advise Dragon's activities on a consulting basis. Mr. Smith remains close with Dr. Bailey and has continued to follow through with changes that Dr. Bailey implemented during his tenure at Dragon. This alliance will guarantee continuity of policy and ensure that nothing gets overlooked through transition of management.
Mr. Smith has issued an order to Petrolind to commence drilling operations on the previously stated wells on the 640 acre lease. The drilling rig has been removed from the recently announced Paluxy location and is being transported to the 640 acre lease this week with spud dates in the immediate future.
With regard to the Paluxy well that was drilled last week in which Dragon has acquired a small interest, electrical poles, a pumping unit, and a small rig to complete the well are currently being mobilized to the location and Dragon hopes to have the well in production very soon. As previously stated, the core samples and log from this well look positive and Dragon is optimistic about its production capabilities.
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.