Black Dragon Appoints Michael M. Ellis as President and a Member of its Board of Directors.OIL CITY, La. -- In Contact information, phone number should read: 318-995-0710 (sted 478-405-2680) The corrected release reads: BLACK DRAGON APPOINTS MICHAEL M. ELLIS AS PRESIDENT AND A MEMBER OF ITS BOARD OF DIRECTORS Black Dragon Resource Companies Inc (Other OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :BDGR.PK) announces the appointment of Michael M. Ellis as Interim President and a member of the Board of Directors effective immediately. Joseph Lanza Joseph A. "Socks" Lanza (1904-October 11, 1968) was a New York labor racketeer and a member of the Genovese crime family. Born in Palermo, Sicily, Lanza immigrated to the United States and settled in New York working as a handler in Lower Manhattan's Fulton Fish Market. has resigned as an officer of Black Dragon. Mr. Ellis is a mechanical and materials engineer and holds a MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration in Finance. His specialty is geological and drilling engineering Drilling engineering is a subset of petroleum engineering. It is primarily involved in the design and drilling of production and injection wells. The drilling engineer has the responsibility for the efficient penetration of the earth by a well bore, and for cementing of the steel . Mr. Ellis has served a number of successful companies as CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. or President. Mr. Ellis stated: "I look forward to working with the board of directors in building Black Dragon's oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally through application of state-of-the-art technology to significantly increase oil production from our existing stripper wells. I also look forward to Black Dragon's acquisition of additional high potential oil and gas leases. "Black Dragon holds numerous proven oil and gas leases in the Sabine Uplift and the North Louisiana North Louisiana, also known as Sportsman's Paradise, is a region in the U.S. state of Louisiana. The region has two metropolitan areas: Monroe and Shreveport-Bossier City. Salt Basin of Northwestern Louisiana as well as oil and gas leases located in Eastern Texas between the Angelina-Cadwell Flexure flexure /flex·ure/ (flek´sher) a bend or fold; a curvation. caudal flexure the bend at the aboral end of the embryo. cephalic flexure the curve in the midbrain of the embryo. (Southeastern Texas) and the Mexia-Talco Fault System (Northeastern Texas). Black Dragon has numerous producing shallow oil and gas wells located in Northwestern Louisiana that will be undergoing a phased-in program using innovative enhanced recovery techniques, which should result in a 200 to 1,000% increase in daily production from existing oil-in-place quantities. The innovative enhanced recovery techniques to be used will be based on each individual reservoir's flow patterns and other factors, and will be tailored to optimize secondary recovery of each reservoir. These techniques should keep oil and gas production levels up for the next ten to fifteen years. "In addition, Black Dragon is investing in an exploration program to locate new reserves from 3,000 to 16,000 feet in Northwest Louisiana, using High Resolution Satellite Mapping, 3-D and 4-D seismic surveying, all applying state-of-the-art data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a techniques, to enhance the probability of discovering large new reservoirs at depth. "Black Dragon realizes that to become more profitable, as a small oil and gas company, it needs to be highly efficient and cost effective. This goal will be accomplished through an extensive training program of oil field personnel in the use of our newly-acquired top-drive rotational, programmable, and self-elevating rigs. Changing to a top-drive rotational, programmable and self-elevating rig will result in a total drilling cost savings to Black Dragon of between 15 to 20%. Self-elevating rigs can be erected in about twenty minutes, resulting in a savings of between 35 to 40%. Even greater costs savings are expected for our new programmable rig system. Black Dragon is also exploring the use of blade type drag bits for deeper drilling as well as downhole motor drilling technology. I am currently developing a mathematical model
About Black Dragon: Black Dragon Resource Companies, Inc. 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 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. 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: 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 Black Dragon 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. Forward-looking statements are inherently subject to unpredictable and unanticipated risks, trends and uncertainties, including, but not limited to, the continued production of gas at historical rates, costs of operations, delays, oil and gas reserves and revenues to be derived therefrom there·from adv. From that place, time, or thing. Adv. 1. therefrom - from that circumstance or source; "atomic formulas and all compounds thence constructible"- W.V. , plans to drill additional oil and gas wells, acquisition of additional oil or gas leases, maintaining mineral lease rights, continued maintenance of the oil field and properties, price of oil and gas, marketing and sales of oil and gas produced, government regulation, future financial and operational results, competition, general economic conditions, and the ability to manage continued growth. In addition, the Company's ability to produce audited financial statements, its ability to accurately forecast its operating results, and its ability to achieve profitability or generate positive cash flow are uncertain. Black Dragon assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. Readers are cautioned not to place undue reliance on these forward-looking statements. |
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