Black Dragon Resource Companies Acquires 200 Additional Oil & Gas Wells.AUSTIN, Texas -- Black Dragon Resource Companies (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :BDGR) E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]President Rick Michael announced today that the purchase of 200 oil and gas wells, located in Louisiana and Texas has been completed, with an effective date of March 1, 2005. E[acute accent]Mr. Michael also announced the signing of a purchase agreement to acquire an additional 116 wells, expected to be closed shortly. E[acute accent]Mr. Michael stated that, "With this latest acquisition, Black Dragon now owns 310 producing wells projected to generate annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. gross revenues of $4,030,000. These figures do not include expected revenue from gas production. E[acute accent]"We're on track to reaching our goal to own at least 1,000 oil and gas wells by August of this year." E[acute accent]About Black Dragon Resource Companies E[acute accent]Black Dragon Resource is focused on the recovery of hydrocarbon hydrocarbon (hī'drōkär`bən), any organic compound composed solely of the elements hydrogen and carbon. The hydrocarbons differ both in the total number of carbon and hydrogen atoms in their molecules and in the proportion of hydrogen reserves through acquisition and project development, specializing on mature and marginal field enhancement, developmental exploitation drilling and low-risk exploration opportunities in the oil and gas-rich Texas and Louisiana oil patch oil patch n. Informal 1. The petroleum and natural gas industry. 2. An oil-producing region. . E[acute accent]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. E[acute accent]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 statement 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 on 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. |
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