Black Dragon Resource Companies Inc (BDGR)

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Another PR on Pinksheet

Dragon Resource Company Inc. Provides Progress Update on Preparatory Work for New FundingJan 11, 2008
Pink Sheets News Service

Oil City, LA— Joseph Lanza, President of Black Dragon Resource Company (BDGR) is pleased to provide shareholders with a progress update of the tasks underway in preparation for the new funding program. As previously announced, the Funding Group, which will be providing the new funds, has requested the principals of Summit Resource Management, Inc. (Summit) to prepare a detailed business plan for the Company's future direction. Also, as previously reported, a prerequisite for the receipt of new funding is that present management of the Company will resign to be replaced by the Summit group.

Summit Resource Management, Inc.'s team has been independently structuring a plan for the direction of the Company following receipt of significant new funding. J. Benjamin Johnson, who would be appointed the new Black Dragon CEO upon closing of the funding stated today: "We have been diligently working to comprehend and analyze the large array of the Company's assets. Our approach in evaluating oil and gas reserves and properties is relatively conservative. The Company recently reported a calculation of over $12 billion in value, which was prepared by an outside analyst prior to, and was not the result of, Summit's own valuation. Although we do see large potential for future growth and production value, we believe our valuation of the Company and its properties will be more in line with other producers and Black Dragon's area of operations. We have not performed an actual reserve calculation, since our efforts have focused on planning for the future. To date, we have been and remain very encouraged by the opportunities we have identified for new drilling, acquisitions, work on existing wells, reservoir management, and improved general business practice which will all be enhanced in value by the influx of significant funding and expert management." Mr. Lanza repeated his earlier statement that he is confident the new Management Team can bring new value to the Company and its stockholders and that he welcomed the opportunity to transfer management control to highly qualified executives.
SOURCE Black Dragon Resource Companies, Inc.
http://www.black-dragonoil.com
Contact:
Mr. Joseph Lanza, President
318-995-0404