OIL CITY, La., Jan. 25, 2010 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc.'s ("the Company", "Dragon") (Pink Sheets:BDGR) CEO, Mr. Scott D. Smith, announced today that Black Dragon Resource Companies, Inc. has retained Mire & Associates to update the company's PV-10 reserve study. This report will enable Dragon to have audited financials put out in the near future, as well as the possibility to move to the bulletin board exchange. Additionally, this will give a hard asset value to our leases making them bankable to fund other viable projects for Dragon if and when they present themselves. As soon as the PV-10 is completed, Dragon will seek to engage a firm to audit our financials and get them to the public with urgency. Mr. Smith stated that he will announce the date of the annual shareholder's meeting as soon as the audit is completed and concluded by thanking the shareholders for their support.
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.