NEWS NEWS NEWS!!!!!!
Press Release Source: Black Dragon Resource Companies, Inc.
Black Dragon Provides Summary of Holdings to Date
Friday November 3, 4:35 pm ET
Launches New Web Site
OIL CITY, La.--(BUSINESS WIRE)--Black Dragon Resource Companies, Inc. (OTCPK: BDGR), announces that with its' recent acquisitions in place, its' project portfolio as of the end of October includes 20,000 gross mineral acres consisting of 138 oil and gas leases. This comprises approximately 1000 viable well bores of which 450 wells are currently in production in Texas and Louisiana. The Company anticipates that it will have approximately 600 oil and gas wells in production by the end of 2006.
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According to Richard Michael, President of Black Dragon, "We are making daily progress in working toward our monthly production targets through the development of several previously announced acquisitions and existing properties. This includes our expectation of putting all 12 wells into production at our Spider Lease property by year end. This will generate around 60 million mcf a month and about 3000 plus gross barrels per month of additional production, of which the company will net 22%. Additionally the completion of our Arkana Field deep gas well will add approximately 24 million mcf of gas by the end of the year, of which the company will net 50%. We are now permitted to drill an additional 8 wells on various properties that will add an additional 4800 gross barrels a month. The completion of the Haynesville Field project will add approximately 4000 additional gross barrels per month by year end from which the Company will net approximately 65%.
The Company also expects to have its' reserve study concluded and published by mid-November. Also, un-audited financial information for the 2005 fiscal year and the first six months of 2006 ended June 30th are expected to be released by the end of November."
The Company also announces today, that it has recently launched its' new web site which can be accessed at www.black-dragonoil.com. This site will be periodically updated with ongoing developments at the Company in a continuing effort to provide accurate and up to date information on the Company's progress.
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Good luck to all.
value trader
