BDGR News from earlier.
Black Dragon Resource Companies, Inc. Updates Shareholders on Humble Project
.Companies:Black Dragon Resource Companies, Inc..Press Release Source: Black Dragon Resource Companies, Inc. On Tuesday April 13, 2010, 6:30 am EDT
OIL CITY, La., April 13, 2010 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc.'s ("the Company", "Dragon") (Pink Sheets:BDGR - News) Chairman and CEO, Mr. Scott D. Smith, announces today that after a positive inspection of the Humble lease, BDGR is pleased that two of the four wells are currently producing oil into the permanent tankage, and that all connection work for all four of the wells have been completed. The steam injection unit is being custom fabricated and should be ready for installation within the next 30 to 60 days. Initial flow rates have not yet been determined, but will be released in the very near future. The other two not yet producing wells have oil in the casing, however sand issues down hole need to be addressed. Mr. Smith stated, "That possibly the installation of a "Mono Pump" with a variable speed motor may easily solve these issues and that getting these issues addressed quickly and efficiently is a large priority." A Mono Pump also alleviates the need for a pump jack and can, in most cases, move more fluid than traditional pump jack setups. Additionally, we expect to report our PV-10 valuation to shareholders shortly. The PV-10 is a reserve study that evaluates oil and gas reserves left in place on leases and places a dollar value on those reserves. We intend to have the Humble project included in this study so its asset value can be maximized.
