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BDGR News Black Dragon Resource Companies, Inc. Announces 52 Wells in Hosston and 19 in Caddo Lake Are Restored to Production; Reaffirms 30,000 Barrels per Month Target by Year End
AUSTIN, Texas--(BUSINESS WIRE)--June 29, 2006--Black Dragon Resource Companies, Inc. (Pink Sheets: BDGR) announced today the completion of the first phase of restoring production to the 70 wells in Hosston, Louisiana acquired in February and the completion of necessary maintenance on the producing wells on Caddo Lake.
As announced on February 24, 2006 the Company acquired 70 wells in the Hosston Field in Caddo Parish near Hosston, Louisiana. The Company began reequipping, reworking and providing necessary infrastructure to bring these wells on line immediately after making the acquisition. As of June 26, 2006 52 of the seventy wells are producing a total of 56 barrels of oil per day (1680 barrels per month). The remaining 28 wells are awaiting electrification from the local electric utility and are expected to be online within 60 days.
The Company has also completed the maintenance necessary to restore immediate production to the 19 oil wells on Caddo Lake. These wells were pulled; pumps redressed where necessary and chemically treated and are now producing at the combined rate of 2000 barrels per month as expected.
Last month the Company received over $68.00 per barrel for its production.
The expansion of salt water disposal facilities for the 12 producing wells in the Haynesville field in Claibourne Parish, LA is in its final stages and the 100 barrels of production per day achieved in February from those wells will be restored by the end of this week.
With these projects completed and other restoration work continuing, the Company is on track to reach its goal of 30,000 barrels production per month and $14 million of revenues by year end exclusive of acquisitions. "July should be another record month for the Dragon," declared President, Rick Michael.
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