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Press Release Source: Black Dragon Resource Companies, Inc.
Black Dragon Resource Companies, Inc. Announces Extinguishment of Long-Term Convertible Debt
Wednesday February 7, 6:35 pm ET
AUSTIN, TX--(MARKET WIRE)--Feb 7, 2007 -- Black Dragon Resource Companies, Inc. (Other OTC:BDGR.PK - News) announced today that in preparing for communication of financial data to its audit firm, the Company has determined that the convertible notes payable associated with the Wooldridge Properties are now fully extinguished.
In its September '06 unaudited statements, the Company had reported total long-term debt in the amount of $6.6 million. This amount was comprised of the above convertible notes ($3.9 million) and notes payable associated with the Caddo Lake property that was previously reported as sold in December of 2006 ($2.4 million). With the elimination of these debts, the company is now free of significant long-term debt and the impact of further dilution associated with its conversion.
About Black Dragon:
Black Dragon Resource Companies, Inc. is an 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.
The statements in this press release regarding any implied or perceived benefits from existing oil and gas field properties, actual reserves and revenues to be derived from the reserves, plans to drill additional oil and gas wells, anticipated revenues, the acquisition of additional oil or gas leases, maintaining mineral lease rights, and any other effects resulting from any of the above are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, the continued production of gas at historical rates, costs of operations, delays, and any other difficulties related to producing minerals such as oil or gas, continued maintenance of the oil field and properties, price of oil or gas, marketing and sales of produced minerals, risks and effects of legal and administrative proceedings and governmental regulation, future financial and operational results, competition, general economic conditions, and the ability to manage continued growth.
