OIL CITY, La., Aug. 21, 2009 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc. ("the Company", "Dragon") (Pink Sheets:BDGR) has been named a party to a lawsuit filed by OMDA Oil & Gas Inc. (OOAG) against Joe Lanza and other defendants including Black Dragon.
A news release by OMDA Oil & Gas Inc. dated August 20, 2009 refers only to Joe Lanza, the former President of Black Dragon and the Company. It does not refer to any of the defendants.
The release identified the judge's ruling on the ownership of subsidiary companies by OOAG. They failed to inform that the judge did not rule a summary judgment on ownership of properties for the plaintiffs.
BDGR purchased working interest from third parties and feels OOAG has no claims to the properties. The company is defending its position with legal counsel and feels a countersuit is warranted by the company and their principals.
About Black Dragon Resource Companies, Inc.
Black Dragon Resource 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.