OIL CITY, La., May 4, 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 that the first tanker load of oil has shipped from the Humble Project. Three of the four wells are now productive on the lease, with the fourth still to be announced. Dragon looks forward to beginning the EOR portion on the project in which patented technology will be used to drastically increase oil production numbers. Additionally, a fifth well will be drilled and completed in the near term.
With regard to the delay of the PV-10's release, Mr. Smith wishes to apologize to shareholders, as the process has taken longer than originally expected. The petroleum engineer performing the evaluation has been paid for all of his services; however, compiling all of the field data necessary has been slowed by our rigorous work schedule. "All wells on all of our leases must be thoroughly evaluated for the computations to be correct and accurate which is of the utmost importance," stated Mr. Smith. Dragon hopes to have this data to the shareholders as soon as possible.
Finally, Black Dragon has received a large number of inquiries with regard to the oil spill in the Gulf of Mexico nearing Louisiana's coast. BDGR is not engaged in offshore exploration and will not be affected by the negative impacts of this tragedy.
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.