BDGR news--> Black Dragon Resource Companies, Inc. Sells First Load of Oil From Humble EOR Project
2010-05-04 09:25 ET - News Release
OIL CITY, La., May 4, 2010 (GLOBE NEWSWIRE) -- Black Dragon Resource Companies, Inc.'s ("the Company", "Dragon") (Pink Sheets:BDGR) Chairman and CEO Mr. Scott D. Smith is pleased to announce that the first tanker load of oil has shipped from the Humble Project. Three of the four wells are now productive on the lease, with the fourth still to be announced. Dragon looks forward to beginning the EOR portion on the project in which patented technology will be used to drastically increase oil production numbers. Additionally, a fifth well will be drilled and completed in the near term.
With regard to the delay of the PV-10's release, Mr. Smith wishes to apologize to shareholders, as the process has taken longer than originally expected. The petroleum engineer performing the evaluation has been paid for all of his services; however, compiling all of the field data necessary has been slowed by our rigorous work schedule. "All wells on all of our leases must be thoroughly evaluated for the computations to be correct and accurate which is of the utmost importance," stated Mr. Smith. Dragon hopes to have this data to the shareholders as soon as possible.
Finally, Black Dragon has received a large number of inquiries with regard to the oil spill in the Gulf of Mexico nearing Louisiana's coast. BDGR is not engaged in offshore exploration and will not be affected by the negative impacts of this tragedy.
Black Dragon is an oil and gas exploration and production company currently focused on the acquisition of mature, producing and existing domestic oil and gas fields. This focus has eliminated exploration risk, reduced costs of completion, and provided rapid generation of income in a niche market where larger independent and major oil companies are not positioned to compete. Black Dragon intends to re-complete additional shallow producing wells and to expand its focus to include drilling of new wells, some to deeper levels, and to purchase additional leases.
AI
