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Black Dragon Resource Companies Inc., announces that for the six month period ending June 30, 2008, estimated gross revenue to be over $2,600,000.00, and a change in management
Published in M2 PressWIRE on Tuesday, 15 July 2008 at 13:01 GMT
Copyright (C) 2008, M2 Communications Ltd.
OIL CITY, La. - Black Dragon Resource Companies, Inc. (BDGR: PinkSheets), through Mr. Joseph Lanza today announced that for the six month period ending June 30, 2008, estimated gross revenue were over $2,600,000.00.
Mr. Lanza also announced his resignation as President of Black Dragon. He went on to state that he and the Board had been in negotiations since October 2007, looking for a new management team and funding for Black Dragon and it shareholders, and of all those interviewed, Mr. Clyde Smith and Darrell Kelsoe were two people that proved to have far more experience than current management, plus were willing to invest the necessary funds in the company. It was Mr. Lanzaa and the current Boards opinion that most of the other parties interviewed were trying to see how much they could get from Black Dragon.
The current Board appointed Mr. Clyde Smith acting President and Chairman and appointed Mr. Clyde Smith, Mr. Darrell Kelsoe, and Mr. William B. Watson, III to the Board of Directors. Mr. Kelsoe was also appointed Chief Operating Officer. Mr. Nick Ronsheimer has resigned from the Board of Directors. All elections, appointments and resignations are effective as of 7:00 AM July 13, 2008.
New Management takes over operations on Monday, July 14, 2008.
The new management intends to bring in additional funding for the Company in the form of both debt and equity. The new funds will be utilized to put more wells into production of both gas and oil. The Company also plans to maximize its potential in deep well exploration. Management is currently moving the Companys corporate offices to a new location.
Mr. Smith has over 14 years experience in the oil and gas business. He was president and owner of an oil and gas operating company involved in leasing, drilling and reworking oil and gas wells in Mississippi, Louisiana and Texas for independent and major oil Companies. Mr. Smith was one of the first to successfully utilize satellite imaging to assist in the determination of drilling sites. Mr. Smiths career also includes 22 years in research and development with Monsanto Corporation.
Mr. Kelsoe has forty years experience in process engineering and chemical manufacturing. He has worked in North America-Central America and South America in the chemical manufacturing for the wood treating, pulp and paper and down whole oil well solvents. He has engineered and constructed projects for International Paper Company, Beaverbrook Foundation (London) and other fortune 500 company. He also holds many current US Patents for the manufacture of cellulose treatment processes and down hole solvents.
I am extremely excited about the promise of the Black Dragon properties and will make every attempt to regain shareholders confidence and increase share value, stated Mr. Clyde Smith, CEO of Black Dragon Recourse Companies, Inc. Our management team will immediately begin to execute our strategic plan of increasing current production, getting additional leases in production and exploring the potential of additional deeper pay zones.
About Black Dragon Resource Companies, Inc.
(www.black-dragonoil.com) Black Dragon currently leases 6000 acres containing 1100 oil or gas wells with 275 in operation. The Company specializes in increasing the production of crude oil or gas from low producing wells by using modern production techniques. This represents a significant opportunity to capitalize on todays oil and gas prices, while lessening domestic dependence on foreign oil. Black Dragon will continue to acquire additional wells in the oil-rich regions of Louisiana and Eastern Texas.
Forward Looking Statements:
Statements made in this release with the respect to the Company's current plans, estimates, strategies and beliefs and other statements that are not historical are forward-looking statements. Forward-looking statements include, but are not limited to, those statements using words such as "believe," "expect," "plans," "strategy," prospects," "forecast," "estimate," "project," "anticipate," "aim," "may" or "might" and words of similar meaning in connection with a discussion of future operations, financial performance, vents or conditions. From time to time, oral or written forward-looking statements may also be included in other materials released to the public. These statements are based on management's assumptions and belief in light of the information currently available to it. The company cautions you that a number of important risks and uncertainties could cause actual results to materially differ from those discussed in the forward-looking statements, and therefore, you should not place undue reliance on them. You also should not rely on any obligation of the Company to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The company disclaims any such obligation unless required by law. Risks and uncertainties that might affect the Company include, but are not limited to (i) the economic and environmental sectors in which the Company operates, as well as the price of oil, (ii) Management's ability to re-capitalize Black Dragon through a combination of additional debt and primarily equity financing and to successfully complete the remaining research and development of its oil and gas properties, as well as other factors, risks and uncertainties that may have material adverse impacts.
For further information, please contact:
Mr. Clyde Smith, President, Black Dragon Resource Companies, Inc.
Release date: 14 Jul 2008
