Black Dragon Resource Companies, Inc. Announces Increase in Gross Monthly Income by Approximately $275,000 a Month; Company Signs 8,000 Acre Production Lease in Major Oil Field.AUSTIN, Texas -- Black Dragon Resource Companies, Inc. (Pink Sheets:BDGR) announced today that the company has vended in the acquisition of 302 wells, previously announced, which adds approximately 1,800 barrels of oil a month, plus 75,000 mcf of gas to its growing revenue stream. The Company has also completed an agreement to acquire the drilling rights to 8,000 acres in 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. , of which, 7,450 acres are directly 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. . This brings an additional 2,000 barrels of oil a month and approximately 8,000,000 mcf in gas per month from 67 wells, bringing total well count to 913. With the addition of the Caddo Lake lease, Black Dragon's production will be close to 7,000 barrels of oil and gas condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity. per month. Black Dragon believes that the Caddo Lake reserves may be one of the largest recoverable energy deposits in the onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. Gulf Coast Region. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a March 2005 report prepared for the Department of Energy by Advanced Resources International, Inc., the Caddo Pines area in Louisiana has over 11 million barrels in estimated reserves and over 2 billion barrels of remaining oil-in-place. The report can be viewed at: www.fossil.energy.gov/news/techlines/2005/tl_basin_assessment.html. (Page 3-4) Mr. Rick Michael, President, stated that, "Black Dragon will now concentrate on the drilling program and keep putting the shut-in wells back in production. There will be two drilling programs. One will be on the lake, and the other will be on land. With the company now focused in these areas, and weather permitting," Mr. Michael further stated that he, "projects the company will reach $1 million per month in gross revenue by the end of this year." 305 Wells = 1,800 barrels per month x $55 a barrel = $99,000 a month. 75,000 mcf x $7.80 = $585,000 a month 8,000 Acres = 2,000 barrels x $55 a barrel = $110,000 8,000 mcf x $7.80 = $62,400 Total: $271,955.00 a month. 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 oil patch oil patch n. Informal 1. The petroleum and natural gas industry. 2. An oil-producing region. . www.black-dragonoil.com 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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