Black Dragon Resource Companies Inc (BDGR)

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NEWS NEWS NEWS!!!!!


Press Release Source: Black Dragon Resource Companies, Inc.


Black Dragon Resource Companies Acquires Additional 77 Wells in Caddo Pine Island Field
Wednesday October 18, 6:17 pm ET
Anticipated to Add Approximately 18,000 Barrels of Annual Production


OIL CITY, La.--(BUSINESS WIRE)--Black Dragon Resource Companies, Inc. (OTCPK: BDGR), announced today the acquisition of 77 wells on 11 leases comprising approximately 300 acres in the Caddo Pine Island Field of Caddo Parish Louisiana from Allen Petroleum, Inc. for a $350,000 note payable over 3 years and 500,000 shares of restricted common stock of Black Dragon.
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"The wells are anticipated to provide production of approximately 18,000 barrels per year", according to Richard Michael, President." We are pleased to have had the opportunity to acquire this premier property which is located adjacent to our existing operation at Pine Island. We anticipate putting the property into production in the near term by converting two of the existing wells to salt water disposal. We anticipate that the remainder of the wells will only require limited equipment and repairs to be placed into production," added Mr. Michael.

"The properties are within three miles of the company's offices and facilities in Oil City Louisiana and will allow for ease of administration," stated Mr. Michael".