BDGR news >>> Black Dragon Resources Produces Approximately 12,000 Barrels or Equivalent for September
Tuesday October 3, 5:03 pm ET
Record Quarter Expected for the Third Quarter of 2006
Additional Progress Made with Caddo Lake and Arkana Facilities
OIL CITY, La.--(BUSINESS WIRE)--Black Dragon Resource Companies (OTCPK:BDGR), announced today that the company produced approximately 12,000 barrels or equivalent for the month of September, 2006. The 12,000 barrels of production should provide the Company with over $3.5 million of gross revenues on an unaudited basis for the first nine months of 2006.
"This is an exciting quarter for Black Dragon," stated Richard Michael, President. "Our third quarter ended September 30th should provide us with revenues of approximately close to $1.7 million, a record quarter for the Company. Our progress in bringing on line our projects has enabled us to anticipate revenues for the third quarter of 2006 to exceed revenues for the entire 2005 fiscal year, and for the first six months of 2006. Assuming completion of several of our previously announced projects under restoration, the Company anticipates that fourth quarter revenues should surpass the combined revenues for the first nine months of 2006."
Mr. Michael went on to say that Black Dragon expects to commence putting its Arkana field and its gas production into operation through the placement of a rigging facility on the site which is expected to happen sometime this week. Additionally, Black Dragon expects to commence shallow drilling at its Caddo Lake facility by mid-October.
"We continue to remain confident with our target of producing 30,000 barrels and equivalent a month by the end of the year without taking into accounts other acquisition and development opportunities that we continue to evaluate," added Mr. Michael.
