Black Dragon Updates Negotiation with Potential Investment Partners.OIL CITY, La. -- 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. , President of Black Dragon Resource Companies, Inc. (BDGR: PinkSheets), announced today that the Company continues to finalize an agreement with two potential investment partners and, the Company believes that a transaction favorable to the best interests of the Company's stockholders will be completed very soon. As in every important negotiation, there is an ebb and flow the alternate ebb and flood of the tide; often used figuratively. See also: Ebb between the parties in reaching a full agreement. That is the status of the negotiation. The Company continues to be confident a deal will be reached involving the Summit Group. Mr. Lanza noted that it is not consistent with securities law, or even ethical business practices, to disclose specific details of a negotiation and has been advised by the Company's Corporate Counsel to refrain from doing so. The Company also requests that shareholders act judicially in contacting the Company to solicit details, as it does not intend, nor could it do so legally, to provide information which is not available to all shareholders in a timely manner. Management also announced today that oil production shipped was approximately 3,800 bbls, which will generate approximately $467,000 in gross receipts the total of the receipts, before they are diminished by any deduction, as for expenses; - distinguished from net profits. - Bouvier. See under Gross, a. os> See also: Gross Receipt . Additionally, gas production was close to 2.5 million mcf, which should yield an additional $30,000 in gross. The interests of other stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. are deducted from gross receipts to arrive at Black Dragon's revenues. Mr. Lanza also noted that Black Dragon's operations have decreased since October, but as of June 1 he would have greater involvement in operations, while the Company awaits funding. He went on to say that Black Dragon today spudded a new oil well that should be completed next week. Mr. Lanza concluded by announcing that he received preliminary information from the thumper, which showed many potential new zones that have not been touched by major companies. About Black Dragon Resource Companies, Inc. (www.black-dragonoil.com) Black Dragon specializes in increasing the production of crude oil and natural gas from wells whose production amounts to 15 barrels of crude oil or less per day. The reduced production of these wells, a result of abandonment or plugging because of dropping prices of crude oil through the 1980s, represents a significant opportunity to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. local resources, while lessening domestic dependence on foreign oil. Black Dragon continues to acquire wells in the oil-rich regions of Louisiana CODE, OF LOUISIANA. In 1822, Peter Derbigny, Edward Livingston, and Moreau Lislet, were selected by the legislature to revise and amend the civil code, and to add to it such laws still in force as were not included therein. and Eastern Texas, augmenting its portfolio to over 400 operating oil wells. Forward Looking Statements: Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. statement under 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: Except for historical information contained herein, the matters discussed in this press release are 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. that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors effecting the Company's operations, markets, products and prices and other factors discussed in the Company's various filings with the Securities and Exchange Commission. |
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