OIL CITY, La., Sept. 18, 2009 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc. ("the Company", "Dragon") (Pink Sheets:BDGR) releases final financial statements reporting a Net Profit for the first six months of 2009 of $489,155, compared to 2008 of $477,469. This is a 2% increase. Operating costs and expenses were down 53%. These savings were offset by a drop in operating revenue of 31%, however, the company is taking important strides to rapidly increase the revenue growth going into 2010. Statements and disclosures are being posted on the website. According to Dr. Bailey, CEO, "With these documents, Black Dragon has caught up with all outstanding financial reporting requirements." The company announces that their SEC attorney, John Frohling, will be submitting these documents to www.pinksheets.com this week.
As reported originally in the preliminary results, the large drop in oil prices over this comparative period had a significant negative effect on income, however, the company still managed to show a 2% increase in net profit for the first six months of 2009 compared to 2008. This was exacerbated by natural well production decline and unseasonably severe weather in the operating areas. Oil prices appear to be stabilizing, which should enhance the second half of 2009 results. Other operating improvement efforts and administrative efficiency actions will also contribute to enhancing the company profitability. Black Dragon is aggressively looking at a variety of leases and acquisitions in order to help rapidly grow the revenues and earnings of the company in the coming quarters.
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.