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Black Dragon Announces Record Sales of 10,000 Barrels of Oil and or Equivalent for the Month of August 2006; Substantial Progress Made In Bringing Into Production Recent Acquisitions
Black Dragon Resource Companies ((OTCPK: BDGR) announced today that it had achieved record monthly oil and oil equivalent sales in the month of August. The company recorded sales in excess of 10,000 barrels of oil equivalent in August.
The company further announced that they have completed an additional well which has returned to production at the recently acquired Spider Field, located in Desoto Parish, Louisiana. The fourth well purchased will be brought back to production in the next ten days. This will increase the 10,000 production by at least 10 percent upon the full completion of all four wells at the Spider Field.
Substantial progress was also made in bringing into production the facilities at the Arkana field located in Bossier Parish, Louisiana. The Company has successfully hooked up one of the two existing wells to the Apache Corporation gas sales pipeline and to tank batteries for oil production, and is currently generating production of oil and gas. The company anticipates hooking up the additional well sometime during the month of September.
"This is the largest month in the history of the company and we are making significant progress toward our year end goal of 1,000 barrels per day," according to Mr. Richard Michael, President of Black Dragon.
Black Dragon also reported today an important acquisition of equipment to its plant and equipment infrastructure. The Company has obtained exclusive use of a drilling rig capable of drilling to a depth of 3,000 feet. This equipment allows the company to aggressively pursue its previously stated program of drilling new wells on its existing properties and increase its salt water disposal infra-structure adding significant production in the fourth quarter.
According to Mr. Michael, recoverable oil in place as estimated in recent engineering reports without the inclusion of these two newest properties is in excess of 168,000,000 barrels.
About Black Dragon:
Black Dragon Resource Companies, Inc. is oil and gas production company focused on the acquisition of mature, producing and existing U.S. oil and gas fields. The Company's focus on mature, domestic oil fields eliminates exploration risk, reducing costs, and provides immediate generation of income in a niche market where larger independent and major oil companies are not positioned to compete.
Forward-Looking Statements
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.
Black Dragon Resource Companies, Inc.
Rick Michael, 512-442-4151
www.black-dragonoil.com
or
Strategic Growth International, Inc.
Stan Altschuler / Richard E. Cooper, 212-838-1444
SAltschuler@sgi-ir.com / RCooper@sgi-ir.com
Website: www.sgi-ir.com
Source: Business Wire (August 31, 2006 - 5:22 PM EST)
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