Black Dragon Resource Companies Inc (BDGR)

[localoil]

Took me a while to get a call back. The deal on the drilling rig is that it is being rebuilt by the Allen Brothers in OIl City not in Shreveport as reported. It appears to be a 40's or 50's vintage rig and is mounted on a trailer and gets pulled around by a big oilfield truck. Like anything else that has been sitting idle for decades it needs sandblasting, painting, belts, pulleys, bearings, chains, sprockets, cables and new power and tires. It is being worked on again. Why it was evidently not being worked on all the time isn't clear. Maybe cashflow problem. It now has a rebuilt Detroit engine but has a ways to go. THe sales price including rebuilding the rig. Don't know when it will be ready but the guys doing the work have been in the business a long time and know what they're doing. Should do a really good job given the premium price they were paid for the rig.