Black Dragon Updates Progress of Funding Group and Management Team.OIL CITY, La. -- Mr. 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 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. (BDGR: PinkSheets) announced today that he has received updates from the Funding Group and Summit Resource Management (Summit Team) concerning the status of their efforts. The Funding Group has completed its own independent audit and financial review of the Black Dragon financials for the full year 2007. While their detailed audit results were not provided to Black Dragon, the Funding Group has reported that there were no findings that would prevent the planned investment of capital in the Company. Last week, the Summit Team presented its initial findings and recommendations for Black Dragon to the Funding Group. The Summit report provided a proprietary and confidential forecast and analysis of a portfolio of investment opportunities for enhancing the production rate of wells presently in production and reservoir recovery with varying levels of cash investment in the Black Dragon properties. Those study results are currently being evaluated by the Funding Group to determine the appropriate timing and levels of investment. The Funding Group is evaluating Summit's report and expects to provide a recommendation to Black Dragon in the very near future. In the mean time, the Summit team is continuing its efforts and is fine-tuning development plans for the Company's assets. Mr. Lanza also cautioned shareholders not to rely on unauthorized or false rumors For other uses, see Rumor (disambiguation). Rumors is a farcical play by Neil Simon. At its start, several affluent couples gather in the posh suburban residence of a couple for a dinner party celebrating their tenth anniversary. or statements, including those made on internet bulletin boards by persons with motives, apparently counter to shareholder value or the shareholders' best interests. Mr. Lanza added that he believes that "there has been a long-standing short position in the common stock, and the anticipated upcoming announcements will probably not be favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to those who hold short positions in the stock." 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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