Black Dragon Acquires 19 Oil and Gas Wells; 914 Acres in Hosston Field, Caddo Parish, Louisiana.AUSTIN, Texas -- Black Dragon Resource Companies, Inc. (OTCPK: BDGR) announced today the acquisition of six oil and gas leases comprising 914 acres of mineral rights and 19 existing oil wells in the Hosston Field, Caddo Parish, Louisiana Caddo Parish (French: Paroisse de Caddo) is a parish located in the U.S. state of Louisiana. The parish seat is Shreveport and as of 2000, the population was 252,161. It is the largest parish in the Shreveport-Bossier City, Louisiana Metropolitan Statistical Area. . The purchase was achieved with restricted common stock and cash. Rick Michael, President of Black Dragon, stated "contractor's rigs and crews should complete operations to place all of these wells in production by the end of August. Based on prior production these wells should exceed 1,000 barrels per month in production." Mr. Michael further announced that Black Dragon's service contractor is scheduled to provide 2 additional pulling units and 2 swab units to Black Dragon during August in addition to the 5 rigs currently conducting operations on Black Dragon's land based wells and the rigs operating on Caddo Lake Caddo Lake is a 25,400 acre (103 km²) lake and wetland located on the border between Texas and Louisiana, in northern Harrison County and southern Marion County in Texas and western Caddo Parish in Louisiana. . "We are moving as quickly as possible to increase production from our existing inventory of wells and will continue to acquire additional wells and acreage in our areas of operation. Our criterion for acquisition of low risk rapid return on investment continues unabated un·a·bat·ed adj. Sustaining an original intensity or maintaining full force with no decrease: an unabated windstorm; a battle fought with unabated violence. ." About Black Dragon: Black Dragon Resource Companies, Inc. is oil and gas production company focused on the acquisition of mature, producing and existing U.S. oil and gas fields. The Company's focus on mature, domestic oil fields This list of oil fields includes major fields of the past and present. The list is incomplete; there are more than 40,000 oil and gas fields of all sizes in the world[1]. eliminates exploration risk, reducing costs, and provides immediate generation of income in a niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. where larger independent and major oil companies are not positioned to compete. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain information discussed in this press release may constitute forward-looking statements within the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 un·true adj. un·tru·er, un·tru·est 1. Contrary to fact; false. 2. Deviating from a standard; not straight, even, level, or exact. 3. Disloyal; unfaithful. because of subsequent events. |
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