Please understand the reason not to sell - Joe Lanza, his various companies and family members all have overriding royalty interests on ALL the Black Dragon oil properties/leases. As such they do not pay any costs whatsoever to produce the wells, i.e. 100% profit to the Lanza interests. If Black Dragon incurs losses, no problem as the ORRI is exactly the same as owning the land and minerals. As the price of crude escalates, the Lanza interests simply make more and more money at the expense of Black Dragon. Most importantly, no " Funding Group ", Summit or any investor/oil producer etc would purchase these properties with the low net revenue interests which are due to the Lanza overrides. You can keep dreaming about the proposed "buyout" and mean ole Joe resigning but it is not going to happen.
P.S. Should the Haynesville Shale play extend into the lower portion of the Caddo Pine Island Field, and they are currently leasing in Mooringsport, guess who will benefit from the overriding royalty interests under the Black Dragon leases should they be in the Haynesville Shale play??
News 
Market Data 
Discover 
