Black Dragon Resource Companies Inc (BDGR)

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NICE!

Black Dragon signs 8,000-acre oil lease
Austin Business Journal - June 22, 2005

Austin oil and gas recovery company Black Dragon Resource Co. Inc. has hit pay dirt.

The company completed an agreement to acquire the drilling rights to 8,000 acres in Louisiana next to Black Dragon's current Caddo Island properties. About 7,450 acres are directly on Caddo Lake.

The seller and financial terms weren't released.

Black Dragon has been on a buying spree lately, purchasing 85 wells in Louisiana from Four Star Productions in early June, and adding more than 300 wells in May.

This brings the company's total well count to 913.

With the addition of the 8,000 acres, Black Dragon's production will be close to 7,000 barrels of oil and gas per month.

Rick Michael, president of Black Dragon (Pink Sheets: BDGR), predicts the company will reach $1 million a month in gross revenue by the end of this year.