Thursday, December 16, 2010 1:42:57 PM
Dec. 16, 2010, 1:33 p.m. EST
OIL CITY, La., Dec 16, 2010 (GlobeNewswire via COMTEX) -- Black Dragon Resource Companies, Inc. ("the Company," "Dragon") /quotes/comstock/11i!bdgr (BDGR 0.00, 0.00, 0.00%) is pleased to announce its gross oil production estimate for the month of December. Management has revised its December production estimate to greater than 3000 barrels.
In reference to our Cotton Valley Drilling program, the company would like shareholders to know that negotiations with our Canadian joint venture partners have taken longer than anticipated. Management still feels this deal will ultimately come to fruition but the timeline is being controlled by our joint venture partners. The company would ask that our shareholders remain patient as we enter this critical part of negotiations.
According to Tom Neely, President of Black Dragon Resource Companies Inc, "There appears to be a group of motivated people spreading false rumors and misinformation about our company. We would like the public to know that the share structure of BDGR has been decreased to less than 22 Billion shares. I am also very happy to see oil nearing $90.00 a barrel as we anticipate a strong ramp of in production during the month of December."
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.
Forward-Looking Statements - Safe Harbor:
Certain information discussed in this press release may constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995 and the federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are inherently subject to unpredictable and unanticipated risks, trends and uncertainties such as the Company's inability to accurately forecast its operating results; the Company's potential inability to achieve profitability or generate positive cash flow; the availability of financing; and other risks associated with the Company's business. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Black Dragon Resource Companies, Inc.
CONTACT: Black Dragon Resource Companies, Inc.
Investor Relations
913-226-3818
North Bay Resources Announces Assays up to 5 oz/ton Gold, 1.5 oz/ton Platinum, 0.5 oz/ton Palladium, and 0.5 oz/ton Rhodium at Mt. Vernon Gold Mine, Sierra County, California • NBRI • Oct 4, 2024 9:15 AM
Basanite, Inc. Appoints Ali Manav as Interim Chief Executive Officer • BASA • Oct 3, 2024 9:15 AM
Integrated Ventures Announces Launch of MedWell Facilities, LLC and Lease Agreement with Giant Fitness Clubs • INTV • Oct 3, 2024 8:45 AM
Beyond the Horizon: Innovative Drug Combinations Offer New Hope for Alzheimer's and More • NVS • Oct 3, 2024 8:45 AM
SMX and FinGo Enter Into Collaboration Mandate to Develop a Joint 'Physical to Digital' Platform Service To Enhance Natural Rubber Industry's Ability to Report on Sustainable and Ethical Supply Chains • SMX • Oct 3, 2024 7:00 AM
Transforming Alzheimer's Treatment: Innovative Combinations to Boost Cognition • PFE • Oct 2, 2024 9:00 AM