OIL CITY, La., Nov. 24, 2010 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc. ("the Company," "Dragon") (Pink Sheets:BDGR) is pleased to announce today that the company has filed the required documentation and paid the fees required to reduce the authorization of the company's common stock from 100 Billion common shares to 30 Billion common shares. Furthermore, the Board has agreed to further reduce the authorized amount of shares to 25 Billion upon the signing of an agreement between its four drilling partners.
According to Thomas Neely, President of Black Dragon, "According to Buyins.net short interest in the company has risen to 8 Billion shares more or less. As our new drilling program results in production, the company will initiate a share buy-back, as stated in prior press releases. The company intends to hire Buyins.net to help alleviate the shorting issue."
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.