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Black Dragon Net Income for the First Two Quarters of 2009 Was Up 14%
OIL CITY, La., Aug 20, 2009 (GlobeNewswire via COMTEX) -- Black Dragon Resource Companies, Inc.'s ("the Company", "Dragon") (Pink Sheets:BDGR) Dr. Gerald Bailey, CEO of Black Dragon, stated that net income for the first six months was $546,443, compared to 2008 of $477,470. This is a 14% increase. Oil and gas income was down 68% compared to 2008. Savings were achieved in administrative expenses which were down 78%, primarily due to non-recurring legal expenses from 2008.
The large drop in oil prices over this comparative period had a significant negative effect on income. Production was impacted by natural well production decline, along with unseasonably severe weather in the operating area which hampered maintenance operations efficiency. Both oil prices and weather are forecast to improve and should enhance the second half 2009 results. The full first six months 2009 report of financials will be posted this month on pink sheets.
Black Dragon is an oil and gas exploration and production company currently focused on the acquisition of mature, producing and existing domestic oil and gas fields. This focus has eliminated exploration risk, reduced costs of completion, and provided rapid generation of income in a niche market where larger independent and major oil companies are not positioned to compete. Black Dragon intends to recomplete additional shallow producing wells and to expand its focus to include drilling of new wells, some to deeper levels, and to purchase additional leases.
Forward-Looking Statements - Safe Harbor:
Certain information discussed in this press release may constitute forward-looking statements within the Private Securities Litigation Reform Act 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 because of subsequent events.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Black Dragon Resource Companies, Inc.
By Staff
CONTACT: CONTACT: Black Dragon Resource Companies, Inc.
R G Bailey
318-995-0404
bdgroil@bellsouth.net
www.black-dragonoil.com
Good news out today
now look at what you started.
So these rulings proved OMDA is OMDA? Now that's funny! What a waste of attorney fees and tax payer money for this.
For every sale there is a buyer. If it was a true pump and dump, then this would have been at 0.0001 four years ago.
I remember him from a while back. I forgot his relation to the company or from the one in Houston.
Now wasn't that fun today?!
Some buying action going on now.
What will the land owner get ???
20% RI
Who got the other 25% WI ???
Some other working interest owner
Will the Driller get 20% ???
Are you referring to the 25% WI? We don't know who has the other 20% WI and it doesn't really matter.
Who geting 20% over rides ???
No one. ORRI was never mentioned in this PR.
Is Joe geting his pockets lined ???
What evidence would lead to this?
Does one of Joe's companies receive any part of the deal ???
Maybe they are the ones with the other 25% WI
Is this another PUMP to stop the proxy vote???
This sounds like a lease agreement.
IMGW >>> 0.0001 x 0.0002 bid has returned
So Black Dragon is the operator of these leases in Caddo?
IMGW chart >>>
IMGW getting large volume at 0.0001
I will try to help you out here.
so whats up with the action?
they're shorting
iBox needs updating.
Who is operating the wells for Black Dragon?
Are they hiring?
Who operates their leases in texas?
did they plug the texas gas lease?
do they operate their own leases?
Couldn't remember, does Black Dragon have any leases in Texas and who is the operator?
Looks like a good buying point here!
Going to see if 0.11 is a good enough support today. If not, we may be seeing under 0.10 real soon.
This will come down, hard and fast... don't get caught.
GMGMQ will terminate, here is the article...
http://money.cnn.com/2009/07/10/news/companies/new_gm/index.htm?postversion=2009071008
"While the new company goes forward outside of bankruptcy, much of its debt and many of the assets it shed in the process remain in bankruptcy. It will take about two to three years for an entity known as Motors Liquidation Co. (GMGMQ) to liquidate under court supervision."
We will see today. As reported GMGMQ is not making money anymore, just selling assets to repay loans... then its 100% over for GMGMQ.
Well, Indicators are all negative now.
I will always take sideways in this market. Buying pressure always seems to pop this one up.
good news!
Im not worried about that because PGPDQ has been following the chart trend since Dec. '08. Might as well follow it till it changes!
chart >>>
Already past the 5.00
+11% today.
Chart looks great today.
Chart suggests a quick pop back to the 5.5 range within a matter of days.
CMF and Accum still very positive. chart >>>