OIL CITY, La., May 18, 2010 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc. ("the Company," "Dragon") (Pink Sheets:BDGR) would like to advise its shareholders that the company will be reviewing all options to maximize shareholder value. Given current market conditions for oil, the Board of Directors of Dragon does not feel that the market is fully recognizing the full value of the company's underlying assets.
The company will therefore explore ways of realizing this intrinsic value. This may result in the sale of all or part of the company's operations. The company is currently in the process of retaining competent counsel and Investment banking representation.
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.