OIL CITY, La., Feb. 12, 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 Black Dragon showed $300,000 in profit, as opposed to the previously announced $100,000.
Mr. Smith went on to say that he attended a meeting with all parties involved in the Humble Salt Dome EOR Project to work out completion plans for the wells. As previously stated, four of the five wells have been drilled and logged. The logs look appealing and potential production is imminent in the next few weeks. Each well has its own characteristics and will be completed in a manner that will allow for maximum initial production. Initial Production estimates range from 50 to 150 bbls per day per well. If this initial five well pattern is as successful as it currently appears, aggressive plans to move forward on the second pattern will be implemented with the possibility of the third to follow.
Mr. Smith concluded by stating that the year-end financials have been submitted to Dragon's legal counsel, but due to the inclement weather in the Northeast, financials may not be released until next week.
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.