Black Dragon Hits 7 out of 8 Gas Wells.AUSTIN, Texas -- Black Dragon dragon, mythical beast usually represented as a huge, winged, fire-breathing reptile. For centuries the dragon has been prominent in the folklore of many peoples; thus, its physical characteristics vary greatly and include combinations of numerous animals. Resource Companies, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :BDGR) announced today that the first phase of its drilling program has been completed. 7 out of 8 wells drilled were commercial wells, and collectively, are producing over 3 million mcf per month. The second phase should start in the next few weeks, as the company plans to drill an additional 13 gas wells. When all three phases are completed, the Company will own a one-third interest in 40 new gas wells. Mr. Rick Michael, the President of the Company, said that the drilling program is one of the reasons the Company has an opportunity to acquire an additional 8,000 acres. By next week, the Company should be finalizing the acquisition of an additional 305 oil and gas wells. This will give Black Dragon Resource Companies, Inc., a well count of over 830 oil and gas wells. About Black Dragon Resource Companies, Inc. Black Dragon is focused on the recovery of oil and gas reserves through acquisition and project development, specializing in mature and marginal field enhancement, developmental exploitation drilling and low-risk exploration opportunities in the Texas and Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. oil patch oil patchn. Informal 1. The petroleum and natural gas industry. 2. An oil-producing region. . 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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