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BDGR News -Black Dragon Announces Gross Revenue for First Qua...

Friday, May 23, 2008 1:50 PM

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News for 'BDGR' - (Black Dragon Announces Gross Revenue for First Quarter 2008 Exceeds One Million)


OIL CITY, La., May 23, 2008 (BUSINESS WIRE) -- Joseph Lanza, President of Black
Dragon Resource Companies, Inc. (BDGR: PinkSheets), announced today that the
gross receipts for the first quarter exceeded $1,005,058.99 from the sale of
10,062.13 bbls of oil sold from January 1 through march 31, 2008. This compared
with gross receipts of $749,938.21 on the sale of 11,603.25 bbls for the
comparable period of 2007. From gross receipts the interests of other
stakeholders are deducted to arrive at Black Dragon's revenues.

The President added that since October the Summit Group has been assisting
Management to enhance production and is expected to continue to do so upon the
closing of a financing package being developed by Black Dragon and one of
several interested groups. While they are moving expeditiously to conclude these
negotiations to completion, not all details have been worked out, but are
expected to be completed prior to June 1, 2008.

Under all pending proposals Mr. Lanza will resign upon the receipt of adequate
funding and the Board of Directors restructured.

In the event that none of the pending financing proposals under consideration
are finalized, Management will promptly develop other alternatives and intends
to move aggressively to seek other opportunities.

About Black Dragon Resource Companies, Inc.

(www.black-dragonoil.com) Black Dragon specializes in increasing the production
of crude oil and natural gas from wells whose production amounts to 15 barrels
of crude oil or less per day. The reduced production of these wells, a result of
abandonment or plugging because of dropping prices of crude oil through the
1980s, represents a significant opportunity to capitalize on local resources,
while lessening domestic dependence on foreign oil. Black Dragon continues to
acquire wells in the oil-rich regions of Louisiana and Eastern Texas, augmenting
its portfolio to over 400 operating oil wells.

Forward Looking Statements:

Safe Harbor statement under the Private Securities Litigation Reform Act of
1995: Except for historical information contained herein, the matters discussed
in this press release are forward-looking statements that involve risks and
uncertainties, including but not limited to economic, competitive, governmental
and technological factors effecting the Company's operations, markets, products
and prices and other factors discussed in the Company's various filings with the
Securities and Exchange Commission.

SOURCE: Black Dragon Resource Companies, Inc.



CONTACT: Black Dragon Resource Companies, Inc.Mr. Joseph Lanza, President318-995-0404http://www.black-dragonoil.com




Copyright Business Wire 2008

-0-




KEYWORD: United States

North America

Louisiana

INDUSTRY KEYWORD: Energy

Oil/Gas

SUBJECT CODE: Earnings

Source: Comtext Market News
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