OIL CITY, La., March 9, 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 today that perforations are completed and internal tubing has been set on four of the five wells on the Humble Project. Crews are working to install pump jacks on the wells and to install the necessary tanks for oil sales. A plan has been put into effect to overcome any delays that power infrastructure may cause by utilizing generators temporarily to power pump motors. Initial production numbers should be coming in the next few weeks.
Mr. Smith went on to advise shareholders that Dragon has hired a new SEC attorney to finish the financials with a proper tradability letter for Pink Sheets. Dragon should be returned to "green light status" imminently. Additionally, the PV-10 reserve study should be completed this month giving shareholders recent reserve value information.
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.