BDGR news >>> Black Dragon Resources Anticipates Record Third Quarter
AUSTIN, Texas, Sep 27, 2006 (BUSINESS WIRE) -- Black Dragon Resource Companies, Inc. (OTCPK: BDGR)- announced today on an unaudited basis, that it expects to record quarterly revenues for the company for the third quarter ended September 30, 2006.
Gross revenues on an unaudited basis for the first two months of the 2006 third quarter are expected to be approximately $1.035 million as compared to $523,000 for the three months ended September 30, 2005, or an increase of almost 100%.
According to Richard Michael, President, "With gross revenues for the month of September expected to greatly exceed the revenues of approximately $545,675 recorded for August, we expect the quarter ended September 30th to have record results. We were able to achieve these results through execution of our acquisition program and making continuous progress developing our existing properties."
"In the third quarter of 2005, the Company's properties grossed $523,929 resulting from the sale of 7946 barrels of oil. In July and August of 2006 our properties have had gross sales of $833K of oil and $202K of gas. September shipments will exceed August."
During that period, progress has been made developing the eight existing wells in the Spider Field where new drilling is also proposed to begin in the near future. Steps to further production in the Arkana Field including the ordering of key equipment should further this product in the next few weeks. Work also continues steadily for the Hosston Field and Pine Island properties which will be greatly assisted by the addition of the drilling rig previously announced by the Company. We are also pleased to report that sites have been located and staked for drilling permits for the first 4 new wells on Caddo Lake.
Management continues to remain confident with its target of producing 30,000 barrels of oil or equivalent a month by year end 2006.
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.
SOURCE: Black Dragon Resource Companies, Inc.
Strategic Growth International, Inc. Stan Altschuler, 212-838-1444 SAltschuler@sgi-ir.com or Richard E. Cooper, 212-838-1444 RCooper@sgi-ir.com www.sgi-ir.com or Black Dragon Resource Companies, Inc. Rich Michael, 512-442-4151 rick.michael@bcglobal.net
Copyright Business Wire 2006
