OIL CITY, La., Feb. 5, 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 Dragon will be filing the year end financials for 2009. Mr. Smith stated that despite all the changes in management and inclement weather experienced in our primary region of operation, Dragon was still able to show $1,100,000.00 in revenues and a profit of over $100,000.00. Mr. Smith went on to say that the board of director's goal for 2010 is to dramatically increase the oil and gas revenues by seeking additional properties for exploration and sound investment opportunities such as the Humble Salt Dome Project, in which Black Dragon has successfully increased its investment to 16%.
Mr. Smith stated that drilling of the fourth well has been completed in Humble, and that the well logs boast excellent hydrocarbon indications. A meeting will be held early next week to review completion plans for the four wells that have been drilled and to calculate the location of the fifth well which will eventually become the injection well for tertiary recovery purposes. Revenues should flow to the Company in the second quarter of this year.
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.